Equities research analysts forecast that Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) will post sales of $718.86 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Clear Channel Outdoor’s earnings. The lowest sales estimate is $709.72 million and the highest is $728.00 million. Clear Channel Outdoor posted sales of $726.47 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 1%. The company is expected to issue its next quarterly earnings results on Thursday, February 22nd.
On average, analysts expect that Clear Channel Outdoor will report full-year sales of $718.86 million for the current year, with estimates ranging from $2.57 billion to $2.59 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.63 billion per share, with estimates ranging from $2.61 billion to $2.66 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Clear Channel Outdoor.
Several equities research analysts have weighed in on the stock. Cleveland Research cut shares of Clear Channel Outdoor from a “buy” rating to a “neutral” rating in a research report on Friday, February 9th. Scotiabank restated a “sell” rating and issued a $12.00 price objective on shares of Clear Channel Outdoor in a research report on Monday, December 4th. Loop Capital lowered their price objective on shares of Clear Channel Outdoor from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Thursday, November 9th. Finally, Zacks Investment Research cut shares of Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $6.94.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Clear Channel Outdoor by 12.5% in the 2nd 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 last quarter. BlackRock Inc. boosted its stake in shares of Clear Channel Outdoor by 3.7% in the 4th quarter. BlackRock Inc. now owns 2,436,248 shares of the business services provider’s stock valued at $11,208,000 after purchasing an additional 87,179 shares during the last quarter. Blackstone Group L.P. boosted its stake in shares of Clear Channel Outdoor by 37.3% in the 3rd quarter. Blackstone Group L.P. now owns 1,198,257 shares of the business services provider’s stock valued at $5,572,000 after purchasing an additional 325,257 shares during the last quarter. Angelo Gordon & CO. L.P. bought a new position in shares of Clear Channel Outdoor in the 4th quarter valued at about $4,455,000. Finally, State Street Corp boosted its stake in shares of Clear Channel Outdoor by 0.4% in the 2nd quarter. State Street Corp now owns 685,944 shares of the business services provider’s stock valued at $3,326,000 after purchasing an additional 3,004 shares during the last quarter. 9.43% of the stock is currently owned by institutional investors.
COPYRIGHT VIOLATION NOTICE: “$718.86 Million in Sales Expected for Clear Channel Outdoor Holdings, Inc. (CCO) This Quarter” was originally reported by Community Financial News and is the sole property of of Community Financial News. If you are reading this report on another site, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this report can be viewed at https://www.com-unik.info/2018/02/19/718-86-million-in-sales-expected-for-clear-channel-outdoor-holdings-inc-cco-this-quarter.html.
About Clear Channel Outdoor
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Clear Channel Outdoor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clear Channel Outdoor and related companies with MarketBeat.com's FREE daily email newsletter.