Clear Channel Outdoor (NYSE:CCO) Receives “Hold” Rating from TD Cowen

TD Cowen reiterated their hold rating on shares of Clear Channel Outdoor (NYSE:CCO) in a research report sent to investors on Monday morning, MarketBeat reports. TD Cowen currently has a $2.43 target price on the business services provider’s stock, down from their previous target price of $2.50.

A number of other research analysts have also issued reports on CCO. Wells Fargo & Company increased their target price on Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Friday, March 27th. Five analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $2.29.

Clear Channel Outdoor Price Performance

Shares of NYSE:CCO opened at $2.38 on Monday. Clear Channel Outdoor has a 1 year low of $0.81 and a 1 year high of $2.43. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 47.51 and a beta of 2.26. The business’s 50 day moving average price is $2.34 and its 200-day moving average price is $2.04.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $461.52 million for the quarter, compared to analysts’ expectations of $449.10 million.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently modified their holdings of CCO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Clear Channel Outdoor by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock worth $234,000 after acquiring an additional 8,976 shares during the last quarter. Millennium Management LLC increased its stake in shares of Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock worth $5,432,000 after acquiring an additional 912,632 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Clear Channel Outdoor by 0.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock worth $7,927,000 after acquiring an additional 59,366 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Clear Channel Outdoor by 2.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider’s stock worth $657,000 after acquiring an additional 14,855 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth $587,000. 85.52% of the stock is owned by institutional investors and hedge funds.

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.