Clear Channel Outdoor (NYSE:CCO) Hits New 52-Week High – Still a Buy?

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high during trading on Thursday. The stock traded as high as $2.44 and last traded at $2.4250, with a volume of 8,276,840 shares. The stock had previously closed at $2.40.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Clear Channel Outdoor from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday. Five investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $2.24.

Clear Channel Outdoor Stock Down 0.2%

The company has a market cap of $1.23 billion, a P/E ratio of -11.55 and a beta of 2.01. The business has a 50-day moving average price of $2.38 and a two-hundred day moving average price of $2.39.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Tuesday, August 4th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $438.04 million during the quarter, compared to the consensus estimate of $423.62 million. As a group, sell-side analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CCO. Quantbot Technologies LP bought a new position in Clear Channel Outdoor during the 2nd quarter worth about $33,000. CTC Alternative Strategies Ltd. bought a new position in shares of Clear Channel Outdoor during the first quarter worth about $32,000. Transmarket Holdings LP bought a new position in shares of Clear Channel Outdoor during the first quarter worth about $36,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Clear Channel Outdoor in the 2nd quarter valued at approximately $39,000. Finally, Rangeley Capital LLC bought a new stake in Clear Channel Outdoor in the 1st quarter valued at approximately $44,000. 85.52% of the stock is currently owned by 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.