Outfront Media Inc. (OUT) Rating Increased to Buy at Zacks Investment Research
Outfront Media Inc. (NYSE:OUT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $25.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 14.84% from the company’s previous close.
According to Zacks, “Outfront Media reported third-quarter 2016 adjusted funds from operations (FFO) per share of $0.63 which exceeded the Zacks Consensus Estimate of $0.53 as well as the prior-year quarter figure of $0.50. Recently, the company made the announcement of coming to an agreement with the Metropolitan Transportation Authority (MTA) for extension of its existing transit advertising services contract. Also, the company worked with Cinema Scene Marketing for the installation of the digital lobby display – StoryWall. Outfront’s ON Smart Media Platform has been utilized for this installation. Going forward, the company’s huge diversity, both industry-wise and geographical, efforts to convert from traditional static billboard displays to digital billboard displays and low cost out-of-home (OOH) platform augur well. But, cut throat competition, dependence on the prospects of advertisers and any rise in interest rates remain concerns.”
Several other equities research analysts have also commented on OUT. Wedbush started coverage on Outfront Media in a research note on Thursday, July 21st. They set a “neutral” rating and a $26.00 price target for the company. Gabelli started coverage on Outfront Media in a research report on Friday, July 22nd. They issued a “hold” rating and a $29.00 target price for the company. Finally, Loop Capital started coverage on Outfront Media in a research report on Monday, September 12th. They issued a “hold” rating and a $23.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $26.00.
Outfront Media (NYSE:OUT) opened at 21.77 on Wednesday. The firm has a 50-day moving average of $22.31 and a 200 day moving average of $22.60. Outfront Media has a 52 week low of $18.01 and a 52 week high of $24.32. The firm’s market capitalization is $3.00 billion.
Outfront Media (NYSE:OUT) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by $0.25. The firm had revenue of $382.80 million for the quarter, compared to analyst estimates of $382.38 million. Outfront Media had a negative return on equity of 0.79% and a negative net margin of 0.63%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 earnings per share. Analysts predict that Outfront Media will post $0.63 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 9th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date of this dividend is Wednesday, December 7th. Outfront Media’s dividend payout ratio is currently -1,942.58%.
In other Outfront Media news, EVP Andrew Sriubas purchased 6,000 shares of Outfront Media stock in a transaction that occurred on Wednesday, September 14th. The stock was purchased at an average price of $20.88 per share, with a total value of $125,280.00. Following the completion of the acquisition, the executive vice president now owns 19,319 shares of the company’s stock, valued at approximately $403,380.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Donald R. Shassian purchased 5,000 shares of Outfront Media stock in a transaction that occurred on Tuesday, September 6th. The stock was acquired at an average cost of $21.90 per share, with a total value of $109,500.00. Following the acquisition, the chief financial officer now directly owns 137,438 shares of the company’s stock, valued at approximately $3,009,892.20. The disclosure for this purchase can be found here. 0.36% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Checchi Capital Advisers LLC increased its position in shares of Outfront Media by 46.6% in the second quarter. Checchi Capital Advisers LLC now owns 4,142 shares of the company’s stock worth $100,000 after buying an additional 1,317 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in shares of Outfront Media by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 4,449 shares of the company’s stock worth $105,000 after buying an additional 18 shares in the last quarter. Societe Generale acquired a new position in shares of Outfront Media during the second quarter worth approximately $111,000. SG Americas Securities LLC acquired a new position in shares of Outfront Media during the second quarter worth approximately $111,000. Finally, Advisory Services Network LLC increased its position in shares of Outfront Media by 33.0% in the second quarter. Advisory Services Network LLC now owns 4,986 shares of the company’s stock worth $121,000 after buying an additional 1,236 shares in the last quarter.
Outfront Media Company Profile
OUTFRONT Media Inc, formerly CBS Outdoor Americas Inc, is a provider of advertising space on out-of-home advertising structures and sites across the United States, Canada and Latin America. The Company’s inventory consists of billboard displays and transit advertising displays. It operates through two segments.
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