Barrington Research Reiterates Outperform Rating for Clear Channel Outdoor (NYSE:CCO)

by · The Markets Daily

Clear Channel Outdoor (NYSE:CCO – Get Free Report)‘s stock had its “outperform” rating reiterated by research analysts at Barrington Research in a note issued to investors on Thursday, Benzinga reports. They presently have a $2.50 price objective on the business services provider’s stock. Barrington Research’s price objective would indicate a potential upside of 70.07% from the company’s previous close.

Separately, Wells Fargo & Company cut Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $2.75 to $1.75 in a research report on Thursday, September 19th.

View Our Latest Stock Analysis on CCO

Clear Channel Outdoor Trading Down 2.0 %

Clear Channel Outdoor stock traded down $0.03 during trading hours on Thursday, reaching $1.47. 3,245,370 shares of the company were exchanged, compared to its average volume of 1,956,028. The firm has a market cap of $718.75 million, a price-to-earnings ratio of -1.91 and a beta of 3.07. The stock has a 50-day moving average of $1.56 and a 200 day moving average of $1.52. Clear Channel Outdoor has a 12 month low of $1.04 and a 12 month high of $2.06.

Clear Channel Outdoor (NYSE:CCO – Get Free Report) last announced its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to analysts’ expectations of $563.75 million. As a group, research analysts forecast that Clear Channel Outdoor will post -0.29 EPS for the current year.

Institutional Investors Weigh In On Clear Channel Outdoor

Several hedge funds have recently modified their holdings of the business. Millennium Management LLC boosted its position in shares of Clear Channel Outdoor by 44.0% in the second quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock valued at $10,339,000 after acquiring an additional 2,242,205 shares during the period. Gamco Investors INC. ET AL boosted its position in shares of Clear Channel Outdoor by 21.7% in the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock valued at $5,658,000 after acquiring an additional 610,500 shares during the period. Gabelli Funds LLC boosted its position in shares of Clear Channel Outdoor by 25.9% in the second quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock valued at $4,040,000 after acquiring an additional 590,000 shares during the period. Whitebox Advisors LLC bought a new stake in shares of Clear Channel Outdoor in the second quarter valued at approximately $2,287,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Clear Channel Outdoor by 3.7% in the second quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock valued at $1,983,000 after purchasing an additional 49,714 shares in the last quarter. 85.52% of the stock is owned by institutional investors.

About Clear Channel Outdoor

(Get Free Report)

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.

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