TD Cowen Cuts Clear Channel Outdoor (NYSE:CCO) Price Target to $2.40

Clear Channel Outdoor (NYSE:CCO) had its price target trimmed by TD Cowen from $2.60 to $2.40 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a buy rating on the business services provider’s stock.

Several other research analysts have also recently weighed in on the stock. Barrington Research restated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a report on Thursday. Wells Fargo & Company downgraded Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $2.75 to $1.75 in a research note on Thursday, September 19th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.16.

Clear Channel Outdoor Stock Performance

CCO traded down $0.02 during midday trading on Friday, reaching $1.45. 2,537,347 shares of the company were exchanged, compared to its average volume of 1,958,770. The company has a market cap of $708.98 million, a price-to-earnings ratio of -1.90 and a beta of 3.07. Clear Channel Outdoor has a one year low of $1.04 and a one year high of $2.06. The company’s fifty day moving average price is $1.56 and its 200 day moving average price is $1.52.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The company had revenue of $558.54 million during the quarter, compared to analyst estimates of $563.75 million. As a group, sell-side analysts anticipate that Clear Channel Outdoor will post -0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCO. Gamco Investors INC. ET AL raised its holdings in shares of Clear Channel Outdoor by 21.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after purchasing an additional 610,500 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Clear Channel Outdoor in the second quarter valued at $1,114,000. Gabelli Funds LLC lifted its position in shares of Clear Channel Outdoor by 25.9% during the 2nd quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock valued at $4,040,000 after buying an additional 590,000 shares during the last quarter. Millennium Management LLC grew its stake in shares of Clear Channel Outdoor by 44.0% during the 2nd quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock worth $10,339,000 after acquiring an additional 2,242,205 shares during the period. Finally, Whitebox Advisors LLC purchased a new stake in Clear Channel Outdoor in the 2nd quarter worth about $2,287,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

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.