Clear Channel Outdoor (NYSE:CCO) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Clear Channel Outdoor (NYSE:CCOGet Rating) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $3.25 target price on the business services provider’s stock.

According to Zacks, “Clear Channel Outdoor Holdings, based in San Antonio, TX, is a global leader in outdoor advertising displays in countries across continents. In the United States, the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport, Taxi and Mall advertising worldwide. Adshel is the company’s International street furniture division. “

Other equities analysts have also recently issued research reports about the company. StockNews.com began coverage on Clear Channel Outdoor in a report on Thursday, March 31st. They set a hold rating on the stock. Morgan Stanley lifted their price objective on Clear Channel Outdoor from $3.50 to $3.75 and gave the company an equal weight rating in a report on Monday, January 24th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Clear Channel Outdoor presently has a consensus rating of Hold and a consensus price target of $3.42.

Shares of CCO opened at $2.84 on Wednesday. Clear Channel Outdoor has a 1 year low of $2.07 and a 1 year high of $4.10. The stock has a market cap of $1.34 billion, a P/E ratio of -3.02 and a beta of 2.33. The stock’s 50-day moving average price is $3.47 and its two-hundred day moving average price is $3.27.

Clear Channel Outdoor (NYSE:CCOGet Rating) last released its quarterly earnings data on Thursday, February 24th. The business services provider reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.05. The business had revenue of $742.71 million for the quarter, compared to the consensus estimate of $740.94 million. Equities analysts expect that Clear Channel Outdoor will post -0.06 earnings per share for the current fiscal year.

In other Clear Channel Outdoor news, Director Lisa Hammitt sold 68,207 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $3.72, for a total value of $253,730.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.90% of the company’s stock.

Several large investors have recently bought and sold shares of CCO. Royal Bank of Canada increased its position in shares of Clear Channel Outdoor by 51,704.2% during the 2nd quarter. Royal Bank of Canada now owns 24,866 shares of the business services provider’s stock worth $66,000 after purchasing an additional 24,818 shares during the last quarter. Bank of America Corp DE increased its position in shares of Clear Channel Outdoor by 10.0% during the 2nd quarter. Bank of America Corp DE now owns 398,682 shares of the business services provider’s stock worth $1,053,000 after purchasing an additional 36,206 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Clear Channel Outdoor by 873.6% during the 3rd quarter. SG Americas Securities LLC now owns 257,302 shares of the business services provider’s stock worth $697,000 after purchasing an additional 230,873 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Clear Channel Outdoor by 260.5% during the 3rd quarter. Victory Capital Management Inc. now owns 831,601 shares of the business services provider’s stock worth $2,254,000 after purchasing an additional 600,924 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Clear Channel Outdoor by 99.7% during the 3rd quarter. Mackenzie Financial Corp now owns 24,640 shares of the business services provider’s stock worth $67,000 after purchasing an additional 12,300 shares during the last quarter. 94.22% of the stock is currently owned by hedge funds and other institutional investors.

About Clear Channel Outdoor (Get Rating)

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.

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