Zacks Investment Research Upgrades Clear Channel Outdoor (CCO) to Hold

Clear Channel Outdoor (NYSE:CCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Clear Channel Outdoor Holdings, based in San Antonio, TX, is a global leader in outdoor advertising displays in countries across continents. In the United States, the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport, Taxi and Mall advertising worldwide. Adshel is the company’s International street furniture division. “

Separately, ValuEngine raised shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $7.33.

Shares of Clear Channel Outdoor stock traded up $0.05 during trading on Thursday, hitting $4.70. 83,200 shares of the company were exchanged, compared to its average volume of 148,875. The company has a debt-to-equity ratio of -2.65, a current ratio of 1.37 and a quick ratio of 1.37. Clear Channel Outdoor has a fifty-two week low of $3.60 and a fifty-two week high of $5.75. The company has a market capitalization of $1.69 billion, a P/E ratio of 232.50 and a beta of 1.58.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Tuesday, May 22nd. The business services provider reported ($0.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.13). The company had revenue of $598.71 million for the quarter, compared to analyst estimates of $598.97 million. Clear Channel Outdoor had a negative return on equity of 0.52% and a negative net margin of 27.89%. research analysts expect that Clear Channel Outdoor will post -0.5 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Ares Management LLC purchased a new stake in Clear Channel Outdoor in the 4th quarter worth approximately $3,151,000. Angelo Gordon & CO. L.P. purchased a new stake in Clear Channel Outdoor during the 4th quarter worth $4,455,000. Clearline Capital LP purchased a new stake in Clear Channel Outdoor during the 4th quarter worth $199,000. Stone Ridge Asset Management LLC purchased a new stake in Clear Channel Outdoor during the 4th quarter worth $235,000. Finally, BlackRock Inc. boosted its position in Clear Channel Outdoor by 3.7% during the 4th quarter. BlackRock Inc. now owns 2,436,248 shares of the business services provider’s stock worth $11,208,000 after purchasing an additional 87,179 shares during the period. 8.96% of the stock is owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

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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