Clear Channel Outdoor (NYSE:CCO) issued its quarterly earnings results on Tuesday. The business services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.12), Bloomberg Earnings reports.
NYSE CCO traded up $0.20 during mid-day trading on Tuesday, reaching $4.50. 3,025 shares of the stock were exchanged, compared to its average volume of 53,028. Clear Channel Outdoor has a one year low of $3.60 and a one year high of $5.75. The company has a debt-to-equity ratio of -2.65, a current ratio of 1.37 and a quick ratio of 1.37.
CCO has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Clear Channel Outdoor from a “hold” rating to a “strong sell” rating in a research note on Friday, May 4th. ValuEngine raised shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Clear Channel Outdoor presently has an average rating of “Hold” and a consensus price target of $8.00.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Gabelli Funds LLC raised its stake in Clear Channel Outdoor by 3.0% during the first quarter. Gabelli Funds LLC now owns 2,885,976 shares of the business services provider’s stock worth $14,141,000 after buying an additional 84,332 shares during the last quarter. BlackRock Inc. increased its stake in Clear Channel Outdoor by 3.7% in the fourth quarter. BlackRock Inc. now owns 2,436,248 shares of the business services provider’s stock valued at $11,208,000 after purchasing an additional 87,179 shares in the last quarter. Gamco Investors INC. ET AL increased its stake in Clear Channel Outdoor by 10.3% in the first quarter. Gamco Investors INC. ET AL now owns 2,382,442 shares of the business services provider’s stock valued at $11,674,000 after purchasing an additional 222,218 shares in the last quarter. Barclays PLC increased its stake in Clear Channel Outdoor by 2,453.8% in the first quarter. Barclays PLC now owns 2,314,037 shares of the business services provider’s stock valued at $11,339,000 after purchasing an additional 2,223,425 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Clear Channel Outdoor by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 558,943 shares of the business services provider’s stock valued at $2,739,000 after purchasing an additional 19,094 shares in the last quarter. 8.96% of the stock is owned by institutional investors and hedge funds.
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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