III Capital Management Trims Stake in OUTFRONT Media Inc. $OUT

Key Points

• III Capital Management cut its OUTFRONT Media stake by 83.3% in the fourth quarter, selling 196,094 shares and leaving it with 39,300 shares worth about $947,000.
• Wall Street sentiment on OUTFRONT Media remains constructive, with analysts giving the stock an average Moderate Buy rating and a price target of about $30.71.
• The company recently beat earnings expectations, reporting $0.34 EPS versus $0.28 expected, while also declaring a quarterly dividend of $0.30 per share payable June 30.

III Capital Management reduced its position in OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 83.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,300 shares of the financial services provider's stock after selling 196,094 shares during the quarter. III Capital Management's holdings in OUTFRONT Media were worth $947,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OUT. AQR Capital Management LLC raised its position in OUTFRONT Media by 9.3% in the 1st quarter. AQR Capital Management LLC now owns 130,411 shares of the financial services provider's stock worth $2,105,000 after purchasing an additional 11,073 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in OUTFRONT Media by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 85,971 shares of the financial services provider's stock worth $1,388,000 after purchasing an additional 1,739 shares during the period. Goldman Sachs Group Inc. raised its position in OUTFRONT Media by 9.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,980,994 shares of the financial services provider's stock worth $80,393,000 after purchasing an additional 448,993 shares during the period. Empowered Funds LLC raised its position in OUTFRONT Media by 12.4% in the 1st quarter. Empowered Funds LLC now owns 21,399 shares of the financial services provider's stock worth $345,000 after purchasing an additional 2,357 shares during the period. Finally, Woodline Partners LP raised its position in OUTFRONT Media by 45.6% in the 1st quarter. Woodline Partners LP now owns 36,888 shares of the financial services provider's stock worth $595,000 after purchasing an additional 11,559 shares during the period.

Wall Street Analysts Forecast Growth

OUT has been the topic of a number of research reports. Wall Street Zen raised shares of OUTFRONT Media from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 30th. Zacks Research lowered shares of OUTFRONT Media from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 3rd. Morgan Stanley set a $37.00 target price on shares of OUTFRONT Media in a research report on Friday, May 8th. TD Cowen reaffirmed a "buy" rating and set a $38.00 target price (up from $32.00) on shares of OUTFRONT Media in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company raised their target price on shares of OUTFRONT Media from $27.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, February 27th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.71.

OUTFRONT Media Stock Performance

Shares of NYSE:OUT opened at $31.17 on Thursday. The firm has a market cap of $5.49 billion, a PE ratio of 29.69, a price-to-earnings-growth ratio of 1.48 and a beta of 1.49. The firm's 50 day simple moving average is $31.13 and its 200-day simple moving average is $27.45. OUTFRONT Media Inc. has a one year low of $15.45 and a one year high of $34.96. The company has a debt-to-equity ratio of 3.90, a quick ratio of 0.82 and a current ratio of 0.82.

OUTFRONT Media (NYSE:OUT - Get Free Report) last issued its earnings results on Thursday, May 7th. The financial services provider reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.06. The business had revenue of $429.60 million for the quarter, compared to analyst estimates of $431.44 million. OUTFRONT Media had a net margin of 9.98% and a return on equity of 30.36%. The company's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. As a group, equities analysts predict that OUTFRONT Media Inc. will post 2.12 EPS for the current year.

OUTFRONT Media Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Friday, June 5th. OUTFRONT Media's dividend payout ratio (DPR) is presently 114.29%.

Insider Buying and Selling at OUTFRONT Media

In other OUTFRONT Media news, EVP James Michael Norton acquired 4,130 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were bought at an average cost of $30.81 per share, with a total value of $127,245.30. Following the completion of the acquisition, the executive vice president directly owned 4,130 shares in the company, valued at $127,245.30. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 17th. The shares were sold at an average price of $31.36, for a total transaction of $156,800.00. Following the transaction, the executive vice president directly owned 76,947 shares in the company, valued at approximately $2,413,057.92. The trade was a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 71,271 shares of company stock valued at $1,906,578. 0.47% of the stock is owned by corporate insiders.

About OUTFRONT Media

OUTFRONT Media Inc is a leading out-of-home (OOH) advertising company offering a broad range of billboard, transit and digital display solutions across major urban markets in the United States and Canada. Its portfolio encompasses traditional static billboards, high-resolution digital signage, transit media on buses, trains and taxis, as well as street furniture placements such as bus shelters, kiosks and urban panels. The company partners with brand marketers to deliver high-impact campaigns that engage consumers outside the home environment.

Through an extensive network of assets in key metropolitan areas, OUTFRONT provides advertisers with premium visibility along highways, city streets and transit corridors.

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