Zacks Investment Research Downgrades Clear Channel Outdoor (NYSE:CCO) to Hold

Zacks Investment Research downgraded shares of Clear Channel Outdoor (NYSE:CCOGet Rating) from a buy rating to a hold rating in a research report released on Monday morning, Zacks.com reports.

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. “

A number of other research analysts have also weighed in on CCO. Morgan Stanley boosted their target price on Clear Channel Outdoor from $3.50 to $3.75 and gave the stock an equal weight rating in a report on Monday, January 24th. StockNews.com began coverage on Clear Channel Outdoor in a report on Thursday, March 31st. They set a hold rating on the stock. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $3.42.

Shares of Clear Channel Outdoor stock opened at $2.39 on Monday. Clear Channel Outdoor has a 12-month low of $2.07 and a 12-month high of $4.10. The stock has a market cap of $1.13 billion, a P/E ratio of -2.54 and a beta of 2.33. The business’s 50 day moving average is $3.40 and its 200-day moving average is $3.27.

Clear Channel Outdoor (NYSE:CCOGet Rating) last announced its quarterly earnings data on Thursday, February 24th. The business services provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.05. The company had revenue of $742.71 million for the quarter, compared to the consensus estimate of $740.94 million. Analysts forecast 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 company’s stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $3.72, for a total value of $253,730.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Counterpoint Mutual Funds LLC acquired a new position in Clear Channel Outdoor in the 1st quarter valued at $83,000. Sciencast Management LP bought a new stake in shares of Clear Channel Outdoor during the 1st quarter valued at $45,000. Assenagon Asset Management S.A. lifted its position in shares of Clear Channel Outdoor by 916.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,345,698 shares of the business services provider’s stock valued at $8,116,000 after acquiring an additional 2,114,941 shares during the period. Zazove Associates LLC bought a new stake in shares of Clear Channel Outdoor during the 1st quarter valued at $7,702,000. Finally, Norges Bank bought a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at $3,978,000. 92.20% 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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