TD Cowen Cuts Clear Channel Outdoor (NYSE:CCO) Price Target to $2.40

Clear Channel Outdoor (NYSE:CCO) had its price target decreased by TD Cowen from $2.60 to $2.40 in a report released on Friday, Benzinga reports. TD Cowen currently has a buy rating on the business services provider’s stock.

A number of other analysts have also recently weighed in on the stock. Barrington Research reissued an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a report on Thursday. Wells Fargo & Company lowered shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $2.75 to $1.75 in a research note on Thursday, September 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Stock Performance

Shares of CCO stock opened at $1.45 on Friday. The stock has a market capitalization of $708.97 million, a price-to-earnings ratio of -5.00 and a beta of 3.08. Clear Channel Outdoor has a one year low of $1.04 and a one year high of $2.06. The company’s 50-day simple moving average is $1.56 and its 200-day simple moving average is $1.52.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to the consensus estimate of $563.75 million. As a group, research analysts forecast that Clear Channel Outdoor will post -0.29 EPS for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

Institutional investors have recently modified their holdings of the company. Millennium Management LLC boosted its stake in Clear Channel Outdoor by 44.0% during the 2nd quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock valued at $10,339,000 after purchasing an additional 2,242,205 shares during the period. Gamco Investors INC. ET AL boosted its position in shares of Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after buying an additional 610,500 shares during the period. Gabelli Funds LLC grew its holdings in Clear Channel Outdoor by 25.9% in the 2nd quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock worth $4,040,000 after buying an additional 590,000 shares in the last quarter. Whitebox Advisors LLC bought a new position in Clear Channel Outdoor in the 2nd quarter worth approximately $2,287,000. Finally, Bank of New York Mellon Corp increased its position in Clear Channel Outdoor by 3.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock valued at $1,983,000 after acquiring an additional 49,714 shares during the period. Institutional investors own 85.52% of the company’s stock.

About Clear Channel Outdoor

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, and Other segments. The company provides 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, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.