Clear Channel Outdoor (NYSE:CCO) Given New $2.40 Price Target at TD Cowen

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

A number of other brokerages have also commented on CCO. Wells Fargo & Company lowered shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $2.75 to $1.75 in a report on Thursday, September 19th. Barrington Research restated an “outperform” rating and issued a $2.50 price target on shares of Clear Channel Outdoor in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Clear Channel Outdoor currently has an average rating of “Hold” and an average price target of $2.16.

Clear Channel Outdoor Trading Down 1.4 %

CCO traded down $0.02 on Friday, reaching $1.45. The stock had a trading volume of 2,537,347 shares, compared to its average volume of 1,958,770. The company has a market capitalization of $708.98 million, a price-to-earnings ratio of -1.90 and a beta of 3.07. Clear Channel Outdoor has a fifty-two week low of $1.04 and a fifty-two week high of $2.06. The firm has a 50-day moving average of $1.56 and a 200-day moving average of $1.52.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings data on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $558.54 million during the quarter, compared to the consensus estimate of $563.75 million. Sell-side analysts anticipate that Clear Channel Outdoor will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently modified their holdings of the business. Ground Swell Capital LLC bought a new position in Clear Channel Outdoor during the third quarter worth $34,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Clear Channel Outdoor during the 3rd quarter worth about $34,000. Stratos Wealth Advisors LLC acquired a new stake in shares of Clear Channel Outdoor in the 3rd quarter valued at about $40,000. Inspire Investing LLC bought a new stake in Clear Channel Outdoor in the 3rd quarter valued at about $410,000. Finally, Point72 DIFC Ltd acquired a new position in Clear Channel Outdoor during the 2nd quarter worth approximately $55,000. 85.52% of the stock is currently owned by institutional investors.

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.