Clear Channel Outdoor’s (CCO) Outperform Rating Reaffirmed at Barrington Research

Clear Channel Outdoor (NYSE:CCO)‘s stock had its “outperform” rating reissued by stock analysts at Barrington Research in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $2.50 target price on the business services provider’s stock. Barrington Research’s target price indicates a potential upside of 70.07% from the company’s current price.

Separately, Wells Fargo & Company lowered Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $2.75 to $1.75 in a research note on Thursday, September 19th.

Clear Channel Outdoor Price Performance

Shares of NYSE CCO traded down $0.03 during trading hours on Thursday, reaching $1.47. The stock had a trading volume of 3,245,370 shares, compared to its average volume of 1,956,028. Clear Channel Outdoor has a twelve month low of $1.04 and a twelve month high of $2.06. The company has a market cap of $718.75 million, a price-to-earnings ratio of -1.91 and a beta of 3.07. The business’s fifty day moving average is $1.56 and its two-hundred day moving average is $1.52.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $558.54 million during the quarter, compared to the consensus estimate of $563.75 million. Sell-side analysts forecast that Clear Channel Outdoor will post -0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently added to or reduced their stakes in CCO. BNP Paribas Financial Markets boosted its holdings in Clear Channel Outdoor by 63.3% during the first quarter. BNP Paribas Financial Markets now owns 212,246 shares of the business services provider’s stock worth $350,000 after buying an additional 82,286 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Clear Channel Outdoor by 8.6% during the first quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock worth $479,000 after buying an additional 23,067 shares during the last quarter. Gamco Investors INC. ET AL boosted its holdings in Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after buying an additional 610,500 shares during the last quarter. Gabelli Funds LLC boosted its holdings in Clear Channel Outdoor by 6.6% during the first quarter. Gabelli Funds LLC now owns 2,275,000 shares of the business services provider’s stock worth $3,754,000 after buying an additional 140,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Clear Channel Outdoor by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 322,600 shares of the business services provider’s stock worth $534,000 after buying an additional 17,901 shares during the last quarter. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.