Brokerages Set Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Target Price at $2.29

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has received an average rating of “Reduce” from the seven brokerages that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $2.2920.

A number of research firms have recently weighed in on CCO. Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. Wells Fargo & Company lifted their target price on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Finally, TD Cowen reiterated a “hold” rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th.

Institutional Investors Weigh In On Clear Channel Outdoor

Several hedge funds have recently added to or reduced their stakes in CCO. 140 Summer Partners LP acquired a new stake in Clear Channel Outdoor during the 4th quarter worth approximately $8,806,000. Barclays PLC raised its holdings in Clear Channel Outdoor by 3,017.0% during the 3rd quarter. Barclays PLC now owns 4,109,743 shares of the business services provider’s stock worth $6,493,000 after purchasing an additional 3,977,895 shares during the last quarter. Occam Crest Management LP raised its holdings in Clear Channel Outdoor by 423.7% during the 4th quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock worth $7,524,000 after purchasing an additional 2,754,300 shares during the last quarter. Marshall Wace LLP bought a new position in Clear Channel Outdoor during the 4th quarter worth approximately $5,925,000. Finally, EVR Research LP bought a new position in Clear Channel Outdoor during the 3rd quarter worth approximately $3,950,000. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Clear Channel Outdoor Trading Up 0.2%

CCO opened at $2.39 on Tuesday. The company’s 50 day moving average is $2.38 and its 200-day moving average is $2.11. Clear Channel Outdoor has a 1-year low of $0.97 and a 1-year high of $2.43. The company has a market cap of $1.19 billion, a P/E ratio of 47.71 and a beta of 2.26.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $461.52 million during the quarter, compared to analyst estimates of $449.10 million. On average, equities analysts forecast that Clear Channel Outdoor will post -0.04 EPS for the current year.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.