Clear Channel Outdoor (NYSE:CCO) Stock Price Up 8.6% – Still a Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shot up 8.6% during mid-day trading on Wednesday . The company traded as high as $2.23 and last traded at $2.2050. 1,724,663 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 1,789,183 shares. The stock had previously closed at $2.03.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CCO. Citigroup upped their price objective on Clear Channel Outdoor from $1.35 to $2.10 and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. Zacks Research lowered shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. Morgan Stanley set a $2.00 target price on shares of Clear Channel Outdoor in a research note on Monday, November 10th. Finally, Wells Fargo & Company upped their target price on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Clear Channel Outdoor presently has an average rating of “Reduce” and a consensus price target of $2.32.

Clear Channel Outdoor Price Performance

The business has a fifty day moving average price of $2.05 and a two-hundred day moving average price of $1.65. The firm has a market cap of $1.11 billion, a PE ratio of -223.50 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) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $405.64 million during the quarter, compared to the consensus estimate of $402.03 million.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CCO. Anson Funds Management LP lifted its holdings in Clear Channel Outdoor by 0.5% in the third quarter. Anson Funds Management LP now owns 18,238,327 shares of the business services provider’s stock valued at $28,817,000 after buying an additional 84,203 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of Clear Channel Outdoor by 5.1% in the 3rd quarter. Gamco Investors INC. ET AL now owns 7,349,875 shares of the business services provider’s stock valued at $11,613,000 after acquiring an additional 357,700 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Clear Channel Outdoor by 0.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock valued at $7,927,000 after acquiring an additional 59,366 shares during the period. Millennium Management LLC boosted its stake in 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 worth $5,432,000 after acquiring an additional 912,632 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Clear Channel Outdoor by 12.7% in the second quarter. Franklin Resources Inc. now owns 4,437,527 shares of the business services provider’s stock valued at $5,192,000 after purchasing an additional 498,318 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.