Clear Channel Outdoor (NYSE:CCO) Stock Moved Up to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Clear Channel Outdoor (NYSE:CCO) to a hold rating in a research note released on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings raised Clear Channel Outdoor from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 9th. Five equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.24.

Clear Channel Outdoor Stock Up 0.4%

CCO opened at $2.43 on Friday. Clear Channel Outdoor has a twelve month low of $1.36 and a twelve month high of $2.46. The company’s 50-day moving average price is $2.38 and its two-hundred day moving average price is $2.39. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -11.57 and a beta of 2.01.

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

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Clear Channel Outdoor during the 2nd quarter worth approximately $73,669,000. Glazer Capital LLC bought a new position in Clear Channel Outdoor in the 2nd quarter valued at $29,763,000. Gamco Investors INC. ET AL boosted its holdings in Clear Channel Outdoor by 11.8% in 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 purchasing an additional 959,400 shares during the period. Man Group plc bought a new position in Clear Channel Outdoor in the 2nd quarter worth about $12,056,000. Finally, Gabelli Funds LLC increased its stake in 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 worth $9,699,000 after acquiring an additional 673,227 shares during the last quarter. Hedge funds and other institutional investors 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.