Clear Channel Outdoor (CCO) Scheduled to Post Earnings on Tuesday

Clear Channel Outdoor (NYSE:CCO – Get Rating) will release its earnings data before the market opens on Tuesday, August 9th. Analysts expect Clear Channel Outdoor to post earnings of ($0.03) per share for the quarter. Clear Channel Outdoor has set its Q2 2022 guidance at EPS.Persons interested in participating in the company’s earnings conference call can do so using this link.

Clear Channel Outdoor (NYSE:CCO – Get Rating) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $536.95 million. During the same period last year, the firm posted ($0.42) earnings per share. On average, analysts expect Clear Channel Outdoor to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Clear Channel Outdoor Stock Performance

NYSE:CCO opened at $1.45 on Tuesday. Clear Channel Outdoor has a 1 year low of $0.91 and a 1 year high of $4.10. The stock has a market cap of $689.17 million, a price-to-earnings ratio of -3.45 and a beta of 2.62. The business has a fifty day moving average of $1.30 and a 200-day moving average of $2.48.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Citigroup cut their price objective on Clear Channel Outdoor from $1.65 to $1.25 and set a “neutral” rating for the company in a report on Thursday, July 7th. Barrington Research cut their price objective on Clear Channel Outdoor from $5.00 to $3.25 in a report on Friday, May 13th. Wells Fargo & Company lowered Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $4.00 to $1.50 in a report on Friday, July 8th. Finally, Morgan Stanley reduced their target price on 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. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Clear Channel Outdoor has a consensus rating of “Hold” and an average price target of $2.13.

Insider Buying and Selling

In related news, major shareholder Pacific Investment Management sold 561,112 shares of the stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $1.58, for a total value of $886,556.96. Following the completion of the sale, the insider now directly owns 104,872,541 shares of the company’s stock, valued at approximately $165,698,614.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp increased its position in Clear Channel Outdoor by 15.2% in the 1st quarter. Mackenzie Financial Corp now owns 41,024 shares of the business services provider’s stock worth $142,000 after purchasing an additional 5,400 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Clear Channel Outdoor during the 1st quarter valued at about $35,000. Prudential Financial Inc. increased its holdings in shares of Clear Channel Outdoor by 12.6% during the 1st quarter. Prudential Financial Inc. now owns 90,083 shares of the business services provider’s stock valued at $312,000 after acquiring an additional 10,053 shares during the last quarter. Covestor Ltd increased its holdings in shares of Clear Channel Outdoor by 12,212.4% during the 1st quarter. Covestor Ltd now owns 20,931 shares of the business services provider’s stock valued at $72,000 after acquiring an additional 20,761 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Clear Channel Outdoor by 90.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,500 shares of the business services provider’s stock valued at $164,000 after acquiring an additional 22,500 shares during the last quarter. 92.20% of the stock is owned by institutional investors and hedge funds.

Clear Channel Outdoor Company Profile

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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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