Clear Channel Outdoor (NYSE:CCO) Issues Earnings Results, Misses Expectations By $0.04 EPS

Clear Channel Outdoor (NYSE:CCOGet Rating) posted its quarterly earnings results on Tuesday. The business services provider reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.04), MarketWatch Earnings reports. During the same quarter in the prior year, the company earned ($0.42) earnings per share. Clear Channel Outdoor updated its Q2 2022 guidance to EPS.

Shares of CCO traded down $0.06 during trading hours on Wednesday, reaching $1.88. The company’s stock had a trading volume of 226,199 shares, compared to its average volume of 2,910,651. The company has a 50 day moving average of $3.23 and a two-hundred day moving average of $3.25. The firm has a market cap of $886.13 million, a price-to-earnings ratio of -2.04 and a beta of 2.38. Clear Channel Outdoor has a 1-year low of $1.80 and a 1-year high of $4.10.

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

Several institutional investors have recently made changes to their positions in CCO. Royal Bank of Canada lifted its stake in Clear Channel Outdoor by 51,704.2% in the second quarter. Royal Bank of Canada now owns 24,866 shares of the business services provider’s stock valued at $66,000 after acquiring an additional 24,818 shares during the last quarter. Bank of America Corp DE increased its position in Clear Channel Outdoor by 10.0% during the second quarter. Bank of America Corp DE now owns 398,682 shares of the business services provider’s stock worth $1,053,000 after buying an additional 36,206 shares during the last quarter. Janus Henderson Group PLC bought a new position in Clear Channel Outdoor during the third quarter valued at about $90,000. Bank of New York Mellon Corp lifted its position in shares of Clear Channel Outdoor by 18.2% in the third quarter. Bank of New York Mellon Corp now owns 1,611,870 shares of the business services provider’s stock worth $4,368,000 after buying an additional 248,544 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in shares of Clear Channel Outdoor by 41.1% during the 4th quarter. Citigroup Inc. now owns 108,632 shares of the business services provider’s stock worth $360,000 after acquiring an additional 31,648 shares in the last quarter. Institutional investors and hedge funds own 92.20% of the company’s stock.

A number of equities research analysts have recently issued reports on the company. 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 research report on Monday, January 24th. Zacks Investment Research downgraded Clear Channel Outdoor from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Finally, StockNews.com assumed coverage on shares of Clear Channel Outdoor in a report on Thursday, March 31st. They issued a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.42.

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.

Further Reading

Earnings History for Clear Channel Outdoor (NYSE:CCO)

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