Posted by admin on May 19th, 2022

Brokerages predict that Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Rating) will report $642.16 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Clear Channel Outdoor’s earnings. The highest sales estimate is $651.37 million and the lowest is $630.10 million. Clear Channel Outdoor posted sales of $531.08 million in the same quarter last year, which would indicate a positive year over year growth rate of 20.9%. The firm is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Clear Channel Outdoor will report full-year sales of $2.61 billion for the current financial year, with estimates ranging from $2.57 billion to $2.65 billion. For the next year, analysts expect that the business will post sales of $2.81 billion, with estimates ranging from $2.80 billion to $2.83 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Clear Channel Outdoor.

Clear Channel Outdoor (NYSE:CCO – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The business services provider reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.04). The firm had revenue of $525.69 million for the quarter, compared to the consensus estimate of $536.95 million. During the same period last year, the company earned ($0.42) earnings per share.

Several equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research report on Friday, May 13th. Barrington Research lowered their price objective on shares of Clear Channel Outdoor from $5.00 to $3.25 in a research report on Friday, May 13th. Morgan Stanley increased their target price on shares of Clear Channel Outdoor from $3.50 to $3.75 and gave the stock an “equal weight” rating in a report on Monday, January 24th. Finally, StockNews.com began coverage on shares of Clear Channel Outdoor in a report on Thursday, March 31st. They set a “hold” rating for the company. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Clear Channel Outdoor has an average rating of “Hold” and an average price target of $3.13.

Shares of CCO stock opened at $1.86 on Thursday. The firm has a fifty day moving average of $3.06 and a 200-day moving average of $3.22. Clear Channel Outdoor has a 12-month low of $1.69 and a 12-month high of $4.10. The company has a market capitalization of $876.71 million, a price-to-earnings ratio of -4.44 and a beta of 2.38.

In other Clear Channel Outdoor news, Director Lisa Hammitt sold 68,207 shares of the stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $3.72, for a total value of $253,730.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Ares Management LLC lifted its stake in Clear Channel Outdoor by 5.4% in the third quarter. Ares Management LLC now owns 46,774,772 shares of the business services provider’s stock valued at $126,760,000 after acquiring an additional 2,400,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Clear Channel Outdoor by 6.7% in the first quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider’s stock valued at $130,345,000 after acquiring an additional 2,381,643 shares during the last quarter. BlackRock Inc. lifted its stake in Clear Channel Outdoor by 0.4% in the third quarter. BlackRock Inc. now owns 34,090,274 shares of the business services provider’s stock valued at $92,384,000 after acquiring an additional 120,709 shares during the last quarter. Rubric Capital Management LP lifted its stake in Clear Channel Outdoor by 14.3% in the fourth quarter. Rubric Capital Management LP now owns 16,404,026 shares of the business services provider’s stock valued at $54,297,000 after acquiring an additional 2,047,070 shares during the last quarter. Finally, Legion Partners Asset Management LLC raised its position in shares of Clear Channel Outdoor by 7.9% in the third quarter. Legion Partners Asset Management LLC now owns 15,947,843 shares of the business services provider’s stock valued at $43,219,000 after purchasing an additional 1,164,601 shares during the period. Hedge funds and other institutional investors own 92.20% of the company’s stock.

Clear Channel Outdoor Company Profile (Get Rating)

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.

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