Clear Channel Outdoor (NYSE:CCO) Sets New 1-Year High – Should You Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high on Thursday . The company traded as high as $2.28 and last traded at $2.2450, with a volume of 4829409 shares changing hands. The stock had previously closed at $2.03.

Analysts Set New Price Targets

A number of brokerages have commented on CCO. Citigroup increased their price target on shares of Clear Channel Outdoor from $1.35 to $2.10 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. TD Cowen reaffirmed a “buy” rating on shares of Clear Channel Outdoor in a report on Monday, October 20th. Morgan Stanley set a $2.00 price target on shares of Clear Channel Outdoor in a research note on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Finally, Zacks Research downgraded Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 13th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.32.

Clear Channel Outdoor Trading Down 6.0%

The business’s fifty day simple moving average is $2.08 and its 200-day simple moving average is $1.66. The firm has a market cap of $1.05 billion, a P/E ratio of -210.50 and a beta of 2.26.

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

Hedge Funds Weigh In On Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently made changes to their positions in CCO. CWM LLC boosted its holdings in Clear Channel Outdoor by 97.9% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 in the last quarter. SG Americas Securities LLC boosted its stake in shares of Clear Channel Outdoor by 61.8% during the 4th quarter. SG Americas Securities LLC now owns 23,618 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 9,019 shares in the last quarter. Advisors Capital Management LLC increased its position in shares of Clear Channel Outdoor by 91.7% during the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock valued at $36,000 after buying an additional 11,000 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in Clear Channel Outdoor by 2.7% in the second 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 in the last quarter. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

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.