Clear Channel Outdoor (NYSE:CCO) issued its quarterly earnings data on Thursday. The business services provider reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.08), Morningstar.com reports. The company had revenue of $663.74 million for the quarter, compared to analyst estimates of $655.32 million.
Clear Channel Outdoor stock traded down $0.39 during midday trading on Friday, hitting $5.81. The company’s stock had a trading volume of 64,628 shares, compared to its average volume of 140,529. Clear Channel Outdoor has a 12 month low of $3.81 and a 12 month high of $6.38. The stock has a market cap of $2.08 billion, a PE ratio of 285.50 and a beta of 1.47.
Institutional investors have recently modified their holdings of the business. Engineers Gate Manager LP bought a new stake in Clear Channel Outdoor in the third quarter worth about $119,000. Appleton Partners Inc. MA raised its position in Clear Channel Outdoor by 54.1% in the third quarter. Appleton Partners Inc. MA now owns 22,705 shares of the business services provider’s stock worth $135,000 after acquiring an additional 7,975 shares in the last quarter. California Public Employees Retirement System raised its position in Clear Channel Outdoor by 32.5% in the first quarter. California Public Employees Retirement System now owns 74,577 shares of the business services provider’s stock worth $365,000 after acquiring an additional 18,277 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Clear Channel Outdoor by 23.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 167,524 shares of the business services provider’s stock worth $721,000 after acquiring an additional 31,851 shares in the last quarter. Finally, Serengeti Asset Management LP bought a new stake in Clear Channel Outdoor in the second quarter worth about $1,075,000. Hedge funds and other institutional investors own 8.84% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Barrington Research restated a “hold” rating on shares of Clear Channel Outdoor in a research note on Thursday. ValuEngine upgraded shares of Clear Channel Outdoor from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Finally, Zacks Investment Research upgraded shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, September 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $8.00.
Clear Channel Outdoor Company Profile
Clear Channel Outdoor Holdings, Inc, an outdoor advertising company, owns and operates advertising display faces in the United States and internationally. It operates in two segments, Americas Outdoor Advertising and International Outdoor Advertising. 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; and other displays comprising spectaculars and wallscapes, as well as retail and other small displays.
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