Clear Channel Outdoor (CCO) Posts Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Clear Channel Outdoor (NYSE:CCO) released its earnings results on Thursday. The business services provider reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.08), Morningstar.com reports. The firm had revenue of $663.74 million during the quarter, compared to the consensus estimate of $655.32 million.

Shares of CCO opened at $5.81 on Friday. Clear Channel Outdoor has a 12-month low of $3.81 and a 12-month high of $6.38. The firm has a market cap of $2.17 billion, a P/E ratio of 298.50 and a beta of 1.47.

Several equities analysts have recently commented on CCO shares. Zacks Investment Research upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. ValuEngine upgraded Clear Channel Outdoor from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Finally, Barrington Research reiterated a “hold” rating on shares of Clear Channel Outdoor in a research note on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $12.00.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new position in Clear Channel Outdoor during the third quarter worth $119,000. Appleton Partners Inc. MA lifted its stake in Clear Channel Outdoor by 54.1% during the third quarter. Appleton Partners Inc. MA now owns 22,705 shares of the business services provider’s stock worth $135,000 after purchasing an additional 7,975 shares during the last quarter. California Public Employees Retirement System lifted its stake in Clear Channel Outdoor by 32.5% during the first quarter. California Public Employees Retirement System now owns 74,577 shares of the business services provider’s stock worth $365,000 after purchasing an additional 18,277 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Clear Channel Outdoor by 23.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 167,524 shares of the business services provider’s stock worth $721,000 after purchasing an additional 31,851 shares during the last quarter. Finally, Serengeti Asset Management LP bought a new position in Clear Channel Outdoor during the second quarter worth $1,075,000. Hedge funds and other institutional investors own 8.84% of the company’s stock.

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Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc, an outdoor advertising company, owns and operates advertising display faces in the United States and internationally. It operates in two segments, Americas Outdoor Advertising and International Outdoor Advertising. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; and other displays comprising spectaculars and wallscapes, as well as retail and other small displays.

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Earnings History for Clear Channel Outdoor (NYSE:CCO)

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