Clear Channel Outdoor (NYSE:CCO) Reaches New 12-Month High – Here’s Why

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $2.44 and last traded at $2.4250, with a volume of 8276840 shares traded. The stock had previously closed at $2.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Clear Channel Outdoor presently has an average rating of “Reduce” and a consensus price target of $2.24.

Clear Channel Outdoor Stock Up 1.0%

The stock has a 50 day moving average of $2.38 and a 200 day moving average of $2.39. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -11.55 and a beta of 2.01.

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

Institutional Trading of Clear Channel Outdoor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCO. BlackRock Inc. acquired a new position in shares of Clear Channel Outdoor in the 2nd quarter worth approximately $73,669,000. Glazer Capital LLC acquired a new stake in Clear Channel Outdoor during the 2nd quarter worth about $29,763,000. Gamco Investors INC. ET AL grew its holdings in 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 worth $21,533,000 after acquiring an additional 959,400 shares during the period. Man Group plc bought a new position in shares of Clear Channel Outdoor in the 2nd quarter worth about $12,056,000. Finally, Gabelli Funds LLC lifted its stake in shares of Clear Channel Outdoor by 19.7% in the 1st quarter. Gabelli Funds LLC now owns 4,092,227 shares of the business services provider’s stock valued at $9,699,000 after purchasing an additional 673,227 shares during the period. Institutional investors and hedge funds own 85.52% of the company’s stock.

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.