Clear Channel Outdoor (NYSE:CCO) Downgraded by StockNews.com

StockNews.com downgraded shares of Clear Channel Outdoor (NYSE:CCOFree Report) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

Separately, Wells Fargo & Company upgraded shares of Clear Channel Outdoor from an equal weight rating to an overweight rating and boosted their target price for the company from $1.50 to $2.75 in a research note on Wednesday, December 20th.

View Our Latest Stock Analysis on CCO

Clear Channel Outdoor Price Performance

CCO opened at $1.68 on Thursday. The firm has a fifty day moving average price of $1.71 and a 200 day moving average price of $1.50. Clear Channel Outdoor has a 1 year low of $0.99 and a 1 year high of $1.95. The stock has a market cap of $811.46 million, a P/E ratio of -3.43 and a beta of 2.91.

Clear Channel Outdoor (NYSE:CCOGet Free Report) last posted its earnings results on Wednesday, November 8th. The business services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $526.79 million for the quarter, compared to analysts’ expectations of $596.79 million. Equities analysts expect that Clear Channel Outdoor will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Clear Channel Outdoor by 2.9% in the third quarter. Vanguard Group Inc. now owns 42,561,409 shares of the business services provider’s stock valued at $58,309,000 after purchasing an additional 1,212,809 shares during the period. BlackRock Inc. boosted its stake in Clear Channel Outdoor by 1.2% during the second quarter. BlackRock Inc. now owns 27,984,693 shares of the business services provider’s stock worth $38,339,000 after buying an additional 334,434 shares during the period. Legion Partners Asset Management LLC boosted its stake in Clear Channel Outdoor by 7.1% during the third quarter. Legion Partners Asset Management LLC now owns 26,530,196 shares of the business services provider’s stock worth $41,918,000 after buying an additional 1,753,407 shares during the period. Morgan Stanley boosted its stake in Clear Channel Outdoor by 16.2% during the fourth quarter. Morgan Stanley now owns 18,272,035 shares of the business services provider’s stock worth $19,186,000 after buying an additional 2,541,546 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Clear Channel Outdoor by 102.7% during the third quarter. JPMorgan Chase & Co. now owns 14,931,384 shares of the business services provider’s stock worth $23,592,000 after buying an additional 7,565,634 shares during the period.

Clear Channel Outdoor Company Profile

(Get Free Report)

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, Europe-South, and Other segments. The company offers 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, newsracks, and other public structures; transit displays, which are advertising surfaces within the common areas of rail stations and on various types of vehicles; and airport advertising displays.

Further Reading

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