Clear Channel Outdoor (NYSE:CCO) Reaches New 52-Week High – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $2.45 and last traded at $2.4250, with a volume of 14,956 shares trading hands. The stock had previously closed at $2.43.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of Clear Channel Outdoor from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday. Five investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.24.

Clear Channel Outdoor Stock Performance

The stock has a market capitalization of $1.23 billion, a PE ratio of -11.55 and a beta of 2.01. The business’s 50-day moving average price is $2.38 and its 200 day moving average price is $2.39.

Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Tuesday, August 4th. The business services provider reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $438.04 million for the quarter, compared to analysts’ expectations of $423.62 million. As a group, equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current year.

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Clear Channel Outdoor in the 2nd quarter worth approximately $73,669,000. Glazer Capital LLC purchased a new stake in shares of Clear Channel Outdoor during the 2nd quarter valued at $29,763,000. Gamco Investors INC. ET AL raised its position in shares of Clear Channel Outdoor by 11.8% during the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock valued at $21,533,000 after buying an additional 959,400 shares in the last quarter. Man Group plc bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth $12,056,000. Finally, Gabelli Funds LLC lifted its holdings in shares of Clear Channel Outdoor by 19.7% during the 1st quarter. Gabelli Funds LLC now owns 4,092,227 shares of the business services provider’s stock worth $9,699,000 after acquiring an additional 673,227 shares during the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc is an outdoor advertising company that provides brands and agencies with advertising space across physical and digital media formats. Its portfolio includes traditional and digital billboards, street furniture, transit displays, airport advertising, and other out-of-home media assets.

The company sells advertising inventory in high-traffic locations, including roadside corridors, urban centers, transportation hubs, and airports. Its digital displays allow advertisers to deliver flexible, time-sensitive campaigns, while its traditional displays support longer-term brand and local advertising initiatives.