The stock of Clear Channel Outdoor Holdings (NYSE:CCO) experienced a decline of 3.4% during mid-day trading on Friday, marking a downward trend in the stock’s value. The stock traded as low as $1.62 and last traded at $1.62, with 434,799 shares changing hands. This trading volume represented a significant decrease of 82% from the average session volume of 2,378,780 shares. The stock’s previous closing price was $1.68.
Clear Channel Outdoor Holding has been the focus of several recent analyst reports, with varying recommendations and price targets. Wells Fargo & Company upgraded the stock from an “equal weight” rating to an “overweight” rating, raising their price target from $1.50 to $2.75. Barrington Research reiterated an “outperform” rating with a price target of $2.50, while StockNews.com upgraded the stock from a “sell” to a “hold” rating. Morgan Stanley also adjusted their price target, increasing it from $1.50 to $2.00, and maintained an “equal weight” rating. Overall, three equities research analysts have rated the stock as “hold,” while two have assigned a “buy” rating. The consensus target price for Clear Channel Outdoor Holdings, Inc. stands at $2.16, according to data from MarketBeat.com.
Clear Channel Outdoor Holdings recently reported its quarterly earnings data on Monday, February 26th. The company posted earnings per share (EPS) of $0.05 for the quarter, surpassing the consensus estimate of $0.04 by $0.01. Revenue for the quarter was reported at $632.11 million, exceeding analysts’ expectations of $611.62 million. However, compared to the same quarter last year, the company’s earnings per share saw a significant decline from $0.24 to $0.05. Analysts predict that Clear Channel Outdoor Holdings, Inc. will post a negative EPS of -0.24 for the current fiscal year.
Institutional investors have shown varying levels of interest in Clear Channel Outdoor Holdings, Inc. Vanguard Group Inc. increased its stake by 2.9% in the third quarter, while BlackRock Inc. boosted its holdings by 1.2% during the second quarter. Legion Partners Asset Management LLC and Morgan Stanley also increased their holdings, with Legion Partners seeing a 7.1% increase and Morgan Stanley witnessing a 16.2% boost in holdings during the respective quarters. JPMorgan Chase & Co. notably increased its holdings by 102.7% in the third quarter. Currently, 85.52% of the stock is owned by hedge funds and other institutional investors.
The recent decline in the stock price of Clear Channel Outdoor Holdings, Inc. underscores the challenges facing the company in the current market environment. Despite varying analyst recommendations and institutional investor activity, the stock’s performance reflects ongoing uncertainties and market dynamics that investors are closely monitoring.
