Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Receives $2.29 Average Price Target from Analysts

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has been given a consensus recommendation of “Reduce” by the seven research firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $2.2920.

A number of research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. TD Cowen reaffirmed a “hold” rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Finally, Wells Fargo & Company lifted their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a report on Friday, February 27th.

Clear Channel Outdoor Stock Performance

Shares of NYSE:CCO opened at $2.41 on Wednesday. Clear Channel Outdoor has a 52 week low of $1.00 and a 52 week high of $2.43. The company’s fifty day moving average is $2.39 and its 200-day moving average is $2.27. The company has a market capitalization of $1.22 billion, a PE ratio of -13.36 and a beta of 1.96.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. On average, analysts forecast that Clear Channel Outdoor will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the completion of the sale, the director directly owned 187,371 shares of the company’s stock, valued at approximately $449,690.40. The trade was a 99.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 7.70% of the company’s stock.

Institutional Trading of Clear Channel Outdoor

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Benefit Street Partners LLC bought a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at about $3,310,000. Contrarian Capital Management L.L.C. boosted its position in Clear Channel Outdoor by 73.6% during the 3rd quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider’s stock worth $3,985,000 after acquiring an additional 1,069,257 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in Clear Channel Outdoor during the 3rd quarter worth approximately $948,000. EVR Research LP acquired a new position in Clear Channel Outdoor during the 3rd quarter worth approximately $3,950,000. Finally, Cove Street Capital LLC raised its stake in shares of Clear Channel Outdoor by 59.9% during the 3rd quarter. Cove Street Capital LLC now owns 1,642,567 shares of the business services provider’s stock worth $2,595,000 after purchasing an additional 615,451 shares in the last quarter. 85.52% of the stock is owned by institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.