Clear Channel Outdoor (NYSE:CCO) Reaches New 1-Year High – Time to Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $2.43 and last traded at $2.4050, with a volume of 1631265 shares traded. The stock had previously closed at $2.40.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Clear Channel Outdoor from $1.35 to $2.10 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. Morgan Stanley set a $2.00 price objective on Clear Channel Outdoor in a research report on Monday, November 10th. Wells Fargo & Company upped their price objective 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. Zacks Research downgraded Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 13th. Finally, TD Cowen set a $2.50 price target on Clear Channel Outdoor in a research note on Tuesday, February 10th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $2.27.

Clear Channel Outdoor Trading Down 0.2%

The business has a 50-day moving average price of $2.17 and a 200 day moving average price of $1.79. The stock has a market capitalization of $1.19 billion, a P/E ratio of -239.50 and a beta of 2.31.

Institutional Trading of Clear Channel Outdoor

Hedge funds have recently made changes to their positions in the business. Anson Funds Management LP grew its position in Clear Channel Outdoor by 8.8% in the fourth quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock worth $43,852,000 after acquiring an additional 1,604,125 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of Clear Channel Outdoor by 10.6% in the 4th quarter. Gamco Investors INC. ET AL now owns 8,126,375 shares of the business services provider’s stock valued at $17,959,000 after purchasing an additional 776,500 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Clear Channel Outdoor by 3.9% in the 4th quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after purchasing an additional 260,716 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Clear Channel Outdoor by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider’s stock worth $11,911,000 after purchasing an additional 582,007 shares during the period. Finally, Millennium Management LLC increased its position in shares of Clear Channel Outdoor by 22.9% during the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after purchasing an additional 912,632 shares during the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

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.