Outfront Media Inc. (OUT) Upgraded by Wells Fargo & Co. to Outperform
Wells Fargo & Co. upgraded shares of Outfront Media Inc. (NYSE:OUT) from a market perform rating to an outperform rating in a report released on Tuesday. Wells Fargo & Co. currently has $30.00 price objective on the stock, up from their prior price objective of $23.00.
Several other analysts have also issued reports on OUT. Loop Capital initiated coverage on Outfront Media in a research note on Monday, September 12th. They issued a hold rating and a $23.00 target price on the stock. Zacks Investment Research upgraded Outfront Media from a hold rating to a buy rating and set a $25.00 price objective on the stock in a research note on Wednesday, November 9th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $26.57.
Outfront Media (NYSE:OUT) traded up 0.16% during mid-day trading on Tuesday, reaching $24.73. The company had a trading volume of 102,810 shares. The stock’s market capitalization is $3.41 billion. Outfront Media has a 12-month low of $18.01 and a 12-month high of $24.77. The stock has a 50 day moving average price of $22.15 and a 200-day moving average price of $22.65.
Outfront Media (NYSE:OUT) last issued its earnings results on Monday, November 7th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by $0.25. The firm earned $382.80 million during the quarter, compared to the consensus estimate of $382.38 million. Outfront Media had a negative net margin of 0.63% and a negative return on equity of 0.79%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 earnings per share. Equities analysts anticipate that Outfront Media will post $0.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders 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 dividend yield of 5.51%. The ex-dividend date is Wednesday, December 7th. Outfront Media’s payout ratio is currently -1,942.58%.
In related news, EVP Andrew Sriubas bought 6,000 shares of the stock in a transaction dated Wednesday, September 14th. The stock was bought at an average price of $20.88 per share, with a total value of $125,280.00. Following the purchase, the executive vice president now owns 19,319 shares in the company, valued at approximately $403,380.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeremy J. Male bought 5,000 shares of the stock in a transaction dated Monday, September 12th. The stock was bought at an average cost of $21.38 per share, with a total value of $106,900.00. Following the purchase, the chief executive officer now owns 204,297 shares in the company, valued at approximately $4,367,869.86. The disclosure for this purchase can be found here. 0.36% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Outfront Media by 57.1% in the second quarter. FMR LLC now owns 14,002,382 shares of the company’s stock worth $338,438,000 after buying an additional 5,090,163 shares during the period. Capital World Investors raised its stake in Outfront Media by 0.7% in the second quarter. Capital World Investors now owns 12,569,504 shares of the company’s stock worth $303,805,000 after buying an additional 85,000 shares during the period. Vanguard Group Inc. raised its stake in Outfront Media by 7.5% in the second quarter. Vanguard Group Inc. now owns 9,985,215 shares of the company’s stock worth $241,343,000 after buying an additional 692,647 shares during the period. JPMorgan Chase & Co. raised its stake in Outfront Media by 0.6% in the third quarter. JPMorgan Chase & Co. now owns 9,182,461 shares of the company’s stock worth $217,166,000 after buying an additional 51,496 shares during the period. Finally, Artemis Investment Management LLP raised its stake in Outfront Media by 105.6% in the second quarter. Artemis Investment Management LLP now owns 6,084,491 shares of the company’s stock worth $147,151,000 after buying an additional 3,124,913 shares during the period.
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About Outfront Media
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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