Clear Channel Outdoor (NYSE:CCO) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Clear Channel Outdoor (NYSE:CCOGet Rating) from a sell rating to a hold rating in a report released on Friday 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 firms also recently commented on CCO. StockNews.com initiated coverage on Clear Channel Outdoor in a research report on Thursday, March 31st. They issued a hold rating on the stock. Barrington Research decreased their target price on Clear Channel Outdoor from $5.00 to $3.25 in a research report on Friday. Finally, 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. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $3.13.

Shares of Clear Channel Outdoor stock traded up $0.13 during trading hours on Friday, hitting $1.88. The company’s stock had a trading volume of 5,629,842 shares, compared to its average volume of 3,287,679. The business has a 50 day moving average price of $3.13 and a two-hundred day moving average price of $3.23. Clear Channel Outdoor has a 12-month low of $1.69 and a 12-month high of $4.10. The company has a market cap of $886.14 million, a PE ratio of -4.48 and a beta of 2.38.

Clear Channel Outdoor (NYSE:CCOGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The business services provider reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.04). During the same quarter last year, the firm posted ($0.42) earnings per share. As a group, analysts predict that Clear Channel Outdoor will post -0.02 EPS for the current year.

In other news, Director Lisa Hammitt sold 68,207 shares of the company’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 transaction of $253,730.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH grew its stake in Clear Channel Outdoor by 0.6% in the third quarter. Allianz Asset Management GmbH now owns 105,500,468 shares of the business services provider’s stock worth $285,906,000 after purchasing an additional 627,927 shares in the last quarter. Ares Management LLC grew its stake in Clear Channel Outdoor by 5.4% in the third quarter. Ares Management LLC now owns 46,774,772 shares of the business services provider’s stock worth $126,760,000 after purchasing an additional 2,400,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Clear Channel Outdoor by 6.7% in the first quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider’s stock worth $130,345,000 after purchasing an additional 2,381,643 shares in the last quarter. BlackRock Inc. grew its stake in Clear Channel Outdoor by 0.4% in the third quarter. BlackRock Inc. now owns 34,090,274 shares of the business services provider’s stock worth $92,384,000 after purchasing an additional 120,709 shares in the last quarter. Finally, Rubric Capital Management LP grew its stake in Clear Channel Outdoor by 14.3% in the fourth quarter. Rubric Capital Management LP now owns 16,404,026 shares of the business services provider’s stock worth $54,297,000 after purchasing an additional 2,047,070 shares in the last quarter. 92.20% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile (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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