Land & Buildings Investment Management LLC Sells 483,628 Shares of OUTFRONT Media Inc. $OUT

Key Points

• Land & Buildings Investment Management cut its stake in OUTFRONT by 33.7%, selling 483,628 shares and ending the quarter with 951,148 shares (about 0.57% of the company) worth roughly $17.43 million.
• Several analysts raised ratings and targets (TD Cowen to $32, Barrington to $33, Wells Fargo to $30, Morgan Stanley to $28), leaving the consensus at a Moderate Buy with an average price target of $27.86.
• OUTFRONT missed EPS at $0.55 versus $0.71 expected while revenue was roughly in line, and the company declared a $0.30 quarterly dividend (4.4% yield) despite a 150% payout ratio.

Land & Buildings Investment Management LLC lowered its position in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 33.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 951,148 shares of the financial services provider's stock after selling 483,628 shares during the quarter. OUTFRONT Media accounts for 3.2% of Land & Buildings Investment Management LLC's holdings, making the stock its 17th biggest position. Land & Buildings Investment Management LLC owned approximately 0.57% of OUTFRONT Media worth $17,425,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in OUT. AQR Capital Management LLC lifted its position in shares of OUTFRONT Media by 9.3% in the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in OUTFRONT Media by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 85,971 shares of the financial services provider's stock valued at $1,388,000 after purchasing an additional 1,739 shares in the last quarter. Goldman Sachs Group Inc. grew its position in OUTFRONT Media by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,980,994 shares of the financial services provider's stock valued at $80,393,000 after purchasing an additional 448,993 shares in the last quarter. Empowered Funds LLC increased its stake 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 valued at $345,000 after buying an additional 2,357 shares during the last quarter. Finally, Woodline Partners LP lifted its position in OUTFRONT Media by 45.6% during the 1st quarter. Woodline Partners LP now owns 36,888 shares of the financial services provider's stock worth $595,000 after buying an additional 11,559 shares in the last quarter.

Insider Buying and Selling at OUTFRONT Media

In other news, Director Manuel A. Diaz sold 11,271 shares of OUTFRONT Media stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $24.49, for a total transaction of $276,026.79. Following the completion of the sale, the director owned 47,515 shares of the company's stock, valued at approximately $1,163,642.35. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OUT. TD Cowen increased their price objective on shares of OUTFRONT Media from $24.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Barrington Research lifted their target price on OUTFRONT Media from $27.00 to $33.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. Zacks Research lowered OUTFRONT Media from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 3rd. Wells Fargo & Company increased their price target on OUTFRONT Media from $27.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, February 27th. Finally, Morgan Stanley upgraded OUTFRONT Media from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $20.00 to $28.00 in a research note on Tuesday, December 16th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, OUTFRONT Media currently has an average rating of "Moderate Buy" and an average price target of $27.86.

OUTFRONT Media Price Performance

OUTFRONT Media stock opened at $27.19 on Tuesday. OUTFRONT Media Inc. has a 12 month low of $12.95 and a 12 month high of $29.27. The stock's 50 day moving average is $25.96 and its 200-day moving average is $22.37. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 3.63. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 1.32 and a beta of 1.51.

OUTFRONT Media (NYSE:OUT - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The financial services provider reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.16). The firm had revenue of $513.30 million for the quarter, compared to analyst estimates of $511.61 million. OUTFRONT Media had a return on equity of 24.86% and a net margin of 8.03%. Equities research analysts expect that OUTFRONT Media Inc. will post 1.59 EPS for the current year.

OUTFRONT Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, March 6th. This represents a $1.20 annualized dividend and a yield of 4.4%. OUTFRONT Media's dividend payout ratio (DPR) is presently 150.00%.

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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