Engineers Gate Manager LP Makes New Investment in OUTFRONT Media Inc. $OUT

Key Points

• Engineers Gate Manager LP purchased 50,575 OUTFRONT Media shares in the second quarter, valued at approximately $1.66 million, while several other institutional investors also increased their holdings.
• Analysts remain broadly positive, with six Buy ratings and one Hold rating; the consensus is “Moderate Buy” with an average price target of $34.00, while recent targets range up to $40.00.
• OUTFRONT Media beat quarterly earnings and revenue estimates, reporting $0.68 EPS and $522.5 million in revenue, and raised its quarterly dividend to $0.33 per share, representing a 4.7% annualized yield.

Engineers Gate Manager LP purchased a new stake in OUTFRONT Media Inc. (NYSE:OUT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 50,575 shares of the financial services provider's stock, valued at approximately $1,657,000.

A number of other institutional investors and hedge funds also recently modified their holdings of OUT. Gamco Investors INC. ET AL increased its position in OUTFRONT Media by 0.7% during the first quarter. Gamco Investors INC. ET AL now owns 51,648 shares of the financial services provider's stock worth $1,369,000 after purchasing an additional 351 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of OUTFRONT Media by 4.6% during the 2nd quarter. GAMMA Investing LLC now owns 10,048 shares of the financial services provider's stock worth $329,000 after buying an additional 440 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of OUTFRONT Media by 1.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 33,256 shares of the financial services provider's stock worth $801,000 after buying an additional 500 shares during the period. Convergence Investment Partners LLC raised its position in shares of OUTFRONT Media by 0.7% in the 1st quarter. Convergence Investment Partners LLC now owns 78,004 shares of the financial services provider's stock worth $2,067,000 after buying an additional 537 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in OUTFRONT Media by 74.2% in the first quarter. EverSource Wealth Advisors LLC now owns 1,610 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 686 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup reissued a "buy" rating on shares of OUTFRONT Media in a research report on Tuesday, September 8th. JPMorgan Chase & Co. restated an "overweight" rating and issued a $38.00 price objective on shares of OUTFRONT Media in a report on Wednesday, July 22nd. Wall Street Zen lowered OUTFRONT Media from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. TD Cowen reiterated a "buy" rating and set a $40.00 target price (up from $38.00) on shares of OUTFRONT Media in a report on Thursday, August 6th. Finally, Wells Fargo & Company increased their target price on shares of OUTFRONT Media from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $34.00.

Insider Activity

In other OUTFRONT Media news, EVP Mark Emilio Bonanni sold 3,385 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $29.82, for a total value of $100,940.70. Following the completion of the sale, the executive vice president owned 10,420 shares of the company's stock, valued at $310,724.40. This trade represents a 24.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard H. Sauer sold 5,000 shares of OUTFRONT Media stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $32.08, for a total transaction of $160,400.00. Following the sale, the executive vice president owned 56,947 shares in the company, valued at $1,826,859.76. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 13,385 shares of company stock worth $416,991. Company insiders own 0.45% of the company's stock.

OUTFRONT Media Stock Performance

NYSE:OUT opened at $28.16 on Thursday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 3.50. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of 20.26 and a beta of 1.48. The firm's fifty day simple moving average is $30.78 and its 200 day simple moving average is $30.43. OUTFRONT Media Inc. has a twelve month low of $16.97 and a twelve month high of $34.96.

OUTFRONT Media (NYSE:OUT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.30. The firm had revenue of $522.50 million during the quarter, compared to the consensus estimate of $509.61 million. OUTFRONT Media had a return on equity of 37.44% and a net margin of 12.66%.The firm's quarterly revenue was up 13.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. As a group, equities research analysts expect that OUTFRONT Media Inc. will post 2.18 earnings per share for the current fiscal year.

OUTFRONT Media Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Friday, September 4th. This is an increase from OUTFRONT Media's previous quarterly dividend of $0.30. OUTFRONT Media's dividend payout ratio (DPR) is 94.96%.

OUTFRONT Media Company Profile

OUTFRONT Media Inc is an out-of-home (OOH) advertising company that provides brands and agencies with advertising space across physical and digital media. Its inventory includes billboards, digital displays, transit advertising, street furniture, and other media assets located in high-traffic areas.

The company's offerings include traditional static advertising, digital out-of-home campaigns, place-based media, and experiential marketing solutions. OUTFRONT also uses audience insights, location data, and technology to help advertisers plan, target, measure, and optimize campaigns across its media network.

OUTFRONT serves advertisers primarily in the United States and Canada, with media assets in major metropolitan markets and transportation systems.

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