Clear Channel Outdoor Holdings Inc. (CCO) Rating Lowered to Strong Sell at Zacks Investment Research
Clear Channel Outdoor Holdings Inc. (NYSE:CCO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Clear Channel Outdoor Holdings, based in San Antonio, TX, is a global leader in outdoor advertising displays in countries across continents. In the United States, the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport, Taxi and Mall advertising worldwide. Adshel is the company’s International street furniture division. “
Several other brokerages have also weighed in on CCO. TheStreet raised Clear Channel Outdoor Holdings from a “sell” rating to a “hold” rating in a report on Thursday, June 9th. Loop Capital initiated coverage on Clear Channel Outdoor Holdings in a report on Monday, September 12th. They set a “sell” rating and a $5.50 price objective for the company. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Sell” and an average price target of $5.00.
Clear Channel Outdoor Holdings (NYSE:CCO) opened at 5.99 on Tuesday. Clear Channel Outdoor Holdings has a 12-month low of $2.97 and a 12-month high of $7.75. The stock’s 50 day moving average price is $6.49 and its 200-day moving average price is $5.97. The firm has a market cap of $2.16 billion, a PE ratio of 299.50 and a beta of 1.55.
Clear Channel Outdoor Holdings (NYSE:CCO) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.22. The business had revenue of $712.15 million for the quarter, compared to analysts’ expectations of $721.57 million. Clear Channel Outdoor Holdings had a net margin of 0.25% and a negative return on equity of 3.04%. Equities research analysts anticipate that Clear Channel Outdoor Holdings will post $0.26 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Clear Channel Outdoor Holdings by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 5,618,649 shares of the company’s stock worth $34,948,000 after buying an additional 159,764 shares during the last quarter. Blackstone Group L.P. raised its position in Clear Channel Outdoor Holdings by 14.3% in the second quarter. Blackstone Group L.P. now owns 2,295,055 shares of the company’s stock worth $14,275,000 after buying an additional 286,767 shares during the last quarter. State Street Corp raised its position in Clear Channel Outdoor Holdings by 2.4% in the first quarter. State Street Corp now owns 668,733 shares of the company’s stock worth $3,145,000 after buying an additional 15,521 shares during the last quarter. Renaissance Technologies LLC raised its position in Clear Channel Outdoor Holdings by 2.2% in the first quarter. Renaissance Technologies LLC now owns 649,100 shares of the company’s stock worth $3,051,000 after buying an additional 13,708 shares during the last quarter. Finally, Brookfield Asset Management Inc. bought a new position in Clear Channel Outdoor Holdings during the first quarter worth approximately $2,728,000. 9.32% of the stock is owned by hedge funds and other institutional investors.
About Clear Channel Outdoor Holdings
Clear Channel Outdoor Holdings, Inc is an outdoor advertising company. The Company owns and operates billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes and spectaculars. It operates in two segments: Americas outdoor advertising (Americas) and International outdoor advertising (International).
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