Clear Channel Outdoor (NYSE:CCO) Sees Strong Trading Volume – Still a Buy?
by Michael Walen · The Markets DailyClear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 13,818,416 shares changed hands during mid-day trading, an increase of 112% from the previous session’s volume of 6,516,632 shares.The stock last traded at $2.3650 and had previously closed at $2.37.
Analysts Set New Price Targets
CCO has been the subject of a number of research reports. Zacks Research lowered shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 13th. TD Cowen set a $2.50 price target on Clear Channel Outdoor in a research note on Tuesday, February 10th. Wells Fargo & Company upped their price objective on Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research report on Friday, February 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $2.31.
Read Our Latest Research Report on Clear Channel Outdoor
Clear Channel Outdoor Stock Up 0.6%
The firm has a market capitalization of $1.19 billion, a PE ratio of 47.71 and a beta of 2.30. The stock’s fifty day simple moving average is $2.24 and its 200 day simple moving average is $1.90.
Clear Channel Outdoor (NYSE:CCO – Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $461.52 million for the quarter, compared to analysts’ expectations of $449.10 million.
Institutional Trading of Clear Channel Outdoor
Hedge funds have recently bought and sold shares of the stock. Sanders Morris Harris LLC bought a new position in shares of Clear Channel Outdoor in the third quarter worth about $25,000. CWM LLC grew its stake in shares of Clear Channel Outdoor by 97.9% during the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 8,248 shares during the period. Captrust Financial Advisors purchased a new stake in Clear Channel Outdoor in the 4th quarter worth approximately $27,000. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor in the 4th quarter worth approximately $28,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Clear Channel Outdoor during the 4th quarter worth approximately $31,000. Institutional investors own 85.52% of the company’s stock.
About Clear Channel Outdoor
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.