Clear Channel Outdoor (NYSE:CCO) Reaches New 52-Week Low – Time to Sell?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $1.18 and last traded at $1.20, with a volume of 415072 shares traded. The stock had previously closed at $1.22.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a research report on Monday, February 24th.

Clear Channel Outdoor Stock Performance

The firm has a market cap of $585.62 million, a price-to-earnings ratio of -4.12 and a beta of 3.05. The stock has a 50-day moving average of $1.38 and a 200-day moving average of $1.49.

Hedge Funds Weigh In On Clear Channel Outdoor

Large investors have recently modified their holdings of the business. Diameter Capital Partners LP increased its position in shares of Clear Channel Outdoor by 2,210.5% during the 4th quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider’s stock worth $13,843,000 after purchasing an additional 9,666,788 shares during the last quarter. Geode Capital Management LLC increased its holdings in Clear Channel Outdoor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider’s stock worth $10,756,000 after buying an additional 34,262 shares during the last quarter. JPMorgan Chase & Co. raised its position in Clear Channel Outdoor by 9.0% during the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider’s stock worth $10,099,000 after acquiring an additional 610,110 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in Clear Channel Outdoor by 7.8% in the fourth quarter. Gamco Investors INC. ET AL now owns 5,636,000 shares of the business services provider’s stock valued at $7,721,000 after acquiring an additional 405,500 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Clear Channel Outdoor by 3.8% in the fourth quarter. Northern Trust Corp now owns 3,205,102 shares of the business services provider’s stock valued at $4,391,000 after acquiring an additional 117,516 shares during the last quarter. 85.52% of the stock is currently owned by institutional investors and hedge funds.

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.