Posted by admin on Jul 1st, 2022

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Rating) hit a new 52-week low during trading on Wednesday . The stock traded as low as $1.07 and last traded at $1.07, with a volume of 560 shares traded. The stock had previously closed at $1.13.

Several brokerages have commented on CCO. Morgan Stanley decreased their price objective on shares of Clear Channel Outdoor from $2.50 to $2.15 and set an “equal weight” rating for the company in a report on Friday, June 10th. Barrington Research reduced their target price on shares of Clear Channel Outdoor from $5.00 to $3.25 in a research report on Friday, May 13th. Finally, StockNews.com began coverage on shares of Clear Channel Outdoor in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.85.

The company’s 50-day moving average is $1.75 and its 200 day moving average is $2.80. The company has a market capitalization of $508.56 million, a PE ratio of -2.55 and a beta of 2.41.

Clear Channel Outdoor (NYSE:CCO – Get Rating) last announced its quarterly earnings data on Tuesday, May 10th. The business services provider reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.04). The company had revenue of $525.69 million for the quarter, compared to the consensus estimate of $536.95 million. During the same quarter last year, the business earned ($0.42) earnings per share. Sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

In other Clear Channel Outdoor news, major shareholder Pacific Investment Management sold 561,112 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $1.58, for a total transaction of $886,556.96. Following the transaction, the insider now owns 104,872,541 shares in the company, valued at approximately $165,698,614.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CCO. Invesco Ltd. raised its stake in Clear Channel Outdoor by 2.3% during the 3rd quarter. Invesco Ltd. now owns 1,522,053 shares of the business services provider’s stock valued at $4,125,000 after buying an additional 34,907 shares during the last quarter. Two Sigma Advisers LP raised its stake in Clear Channel Outdoor by 15.4% during the 3rd quarter. Two Sigma Advisers LP now owns 393,215 shares of the business services provider’s stock valued at $1,066,000 after buying an additional 52,400 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Clear Channel Outdoor during the 3rd quarter valued at $99,000. Centiva Capital LP purchased a new stake in Clear Channel Outdoor during the 3rd quarter valued at $54,000. Finally, Stonnington Group LLC raised its stake in Clear Channel Outdoor by 600.0% during the 4th quarter. Stonnington Group LLC now owns 595,000 shares of the business services provider’s stock valued at $1,964,000 after buying an additional 510,000 shares during the last quarter. Institutional investors and hedge funds own 92.20% of the company’s stock.

About Clear Channel Outdoor (NYSE:CCO)

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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