Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Stock Has Average Target Price of $2.24 According to Brokerages

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has earned an average rating of “Hold” from the five research firms that are currently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $2.24.

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday.

Clear Channel Outdoor Stock Down 0.2%

Shares of NYSE CCO opened at $2.42 on Tuesday. Clear Channel Outdoor has a 52 week low of $1.27 and a 52 week high of $2.44. The business has a 50-day simple moving average of $2.38 and a two-hundred day simple moving average of $2.39. The company has a market cap of $1.23 billion, a P/E 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, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $438.04 million for the quarter, compared to analysts’ expectations of $423.62 million. Equities research analysts anticipate that Clear Channel Outdoor will post -0.05 EPS for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of large investors have recently modified their holdings of CCO. BlackRock Inc. purchased a new position in shares of Clear Channel Outdoor during the second quarter worth approximately $73,669,000. Glazer Capital LLC bought a new position in Clear Channel Outdoor during the 2nd quarter valued at approximately $29,763,000. Gamco Investors INC. ET AL boosted its holdings in Clear Channel Outdoor by 11.8% in the first 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 acquiring an additional 959,400 shares in the last quarter. Man Group plc bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter valued at about $12,056,000. Finally, Gabelli Funds LLC boosted its position in Clear Channel Outdoor by 19.7% during 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 acquiring an additional 673,227 shares in the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

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.