Clear Channel Outdoor (NYSE:CCO) Hits New 52-Week High – Should You Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high on Friday . The company traded as high as $2.10 and last traded at $2.0840, with a volume of 36520 shares. The stock had previously closed at $2.06.

Analyst Ratings Changes

A number of brokerages have weighed in on CCO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday. Wells Fargo & Company raised their target price on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 12th. TD Cowen boosted their price target on Clear Channel Outdoor from $2.50 to $2.80 and gave the company a “buy” rating in a research note on Monday, October 20th. Citigroup increased their price target on Clear Channel Outdoor from $1.35 to $2.10 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Finally, Zacks Research downgraded shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.32.

Clear Channel Outdoor Stock Performance

The business has a fifty day moving average of $1.86 and a 200-day moving average of $1.45. The company has a market capitalization of $1.04 billion, a P/E ratio of -209.50 and a beta of 2.27.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings data on Thursday, November 6th. The business services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $405.64 million for the quarter, compared to analyst estimates of $402.03 million.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM LLC increased its position in shares of Clear Channel Outdoor by 97.9% during the third quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 8,248 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Clear Channel Outdoor by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock valued at $234,000 after purchasing an additional 8,976 shares during the last quarter. Advisors Capital Management LLC raised its stake in shares of Clear Channel Outdoor by 91.7% during the 3rd quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after purchasing an additional 11,000 shares during the period. Russell Investments Group Ltd. boosted its holdings 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 buying an additional 14,855 shares during the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of Clear Channel Outdoor by 5.1% in the 1st quarter. Inspire Investing LLC now owns 306,009 shares of the business services provider’s stock worth $340,000 after buying an additional 14,888 shares during the last quarter. Institutional investors and hedge funds own 85.52% of the company’s stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.