Clear Channel Outdoor (CCO) Given “Sell” Rating at Scotiabank

Clear Channel Outdoor (NYSE:CCO)‘s stock had its “sell” rating restated by research analysts at Scotiabank in a research note issued to investors on Monday. They presently have a $12.00 target price on the business services provider’s stock. Scotiabank’s price objective would indicate a potential upside of 172.73% from the stock’s current price.

Several other analysts have also recently commented on CCO. ValuEngine raised Clear Channel Outdoor from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Zacks Investment Research cut Clear Channel Outdoor from a “buy” rating to a “hold” rating in a report on Thursday, August 17th. Finally, Loop Capital reduced their price target on Clear Channel Outdoor from $5.00 to $4.00 and set a “hold” rating for the company in a report on Thursday, November 9th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.94.

Clear Channel Outdoor (NYSE:CCO) traded up $0.05 on Monday, hitting $4.40. The stock had a trading volume of 259,800 shares, compared to its average volume of 188,189. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of -4.10. The firm has a market cap of $1,550.00, a PE ratio of 217.50 and a beta of 1.71. Clear Channel Outdoor has a 1-year low of $3.35 and a 1-year high of $6.35.

A number of hedge funds have recently modified their holdings of CCO. JPMorgan Chase & Co. increased its position in Clear Channel Outdoor by 5.6% during the second quarter. JPMorgan Chase & Co. now owns 5,696,145 shares of the business services provider’s stock worth $27,626,000 after buying an additional 300,142 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Clear Channel Outdoor by 12.5% in the second quarter. Vanguard Group Inc. now owns 3,116,152 shares of the business services provider’s stock valued at $15,114,000 after purchasing an additional 346,755 shares during the period. Alta Fundamental Advisers LLC purchased a new stake in shares of Clear Channel Outdoor in the second quarter valued at $2,636,000. Schwab Charles Investment Management Inc. grew its position in shares of Clear Channel Outdoor by 73.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 147,806 shares of the business services provider’s stock valued at $717,000 after purchasing an additional 62,769 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Clear Channel Outdoor by 38.2% in the second quarter. Bank of New York Mellon Corp now owns 202,561 shares of the business services provider’s stock valued at $983,000 after purchasing an additional 55,961 shares during the period. 9.47% of the stock is owned by hedge funds and other institutional investors.

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Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc is an outdoor advertising company. The Company provides clients with advertising opportunities through billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes and spectaculars. Its segments include Americas outdoor advertising (Americas) and International outdoor advertising (International).

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