Lazard Asset Management LLC Buys Shares of 75,750 OUTFRONT Media Inc. $OUT

Key Points

• Lazard Asset Management initiated a position in OUTFRONT Media by purchasing 75,750 shares valued at approximately $2.0 million. Several other institutional investors also modestly increased their holdings.
• Analysts remain generally positive, with six Buy ratings and one Hold rating. OUTFRONT has a “Moderate Buy” consensus rating and an average price target of $32.57.
• OUTFRONT reported quarterly EPS of $0.34, exceeding the $0.28 consensus estimate, while revenue rose 10% year over year to $429.6 million. The company maintains a $0.30 quarterly dividend, equivalent to a 3.8% yield, though its payout ratio is elevated at 114.29%.

Lazard Asset Management LLC bought a new position in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 75,750 shares of the financial services provider's stock, valued at approximately $2,007,000.

Several other institutional investors also recently modified their holdings of OUT. Gamco Investors INC. ET AL lifted its stake in shares of OUTFRONT Media by 0.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 51,648 shares of the financial services provider's stock valued at $1,369,000 after acquiring an additional 351 shares during the last quarter. CWM LLC grew its position in OUTFRONT Media by 5.5% during the 4th quarter. CWM LLC now owns 8,682 shares of the financial services provider's stock worth $209,000 after acquiring an additional 453 shares during the last quarter. Maryland State Retirement & Pension System grew its position in OUTFRONT Media by 2.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 21,383 shares of the financial services provider's stock worth $515,000 after acquiring an additional 468 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in 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 purchasing an additional 500 shares in the last quarter. Finally, Convergence Investment Partners LLC increased its holdings in 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 purchasing an additional 537 shares in the last quarter.

Analyst Ratings Changes

Several analysts have recently weighed in on OUT shares. Wall Street Zen cut OUTFRONT Media from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. Morgan Stanley set a $37.00 target price on shares of OUTFRONT Media in a research report on Friday, May 8th. JPMorgan Chase & Co. reissued an "overweight" rating and set a $38.00 target price on shares of OUTFRONT Media in a report on Wednesday, July 22nd. TD Cowen restated a "buy" rating and issued a $38.00 price target (up from $32.00) on shares of OUTFRONT Media in a research report on Tuesday, May 12th. Finally, Barrington Research set a $38.00 price target on shares of OUTFRONT Media in a research note on Tuesday, May 12th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $32.57.

OUTFRONT Media Price Performance

Shares of NYSE OUT opened at $31.87 on Monday. OUTFRONT Media Inc. has a twelve month low of $16.64 and a twelve month high of $34.96. The firm has a fifty day simple moving average of $32.18 and a 200 day simple moving average of $29.40. The company has a market capitalization of $5.61 billion, a PE ratio of 30.35, a P/E/G ratio of 1.51 and a beta of 1.49. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.90.

OUTFRONT Media (NYSE:OUT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.06. OUTFRONT Media had a net margin of 9.98% and a return on equity of 30.36%. The business had revenue of $429.60 million for the quarter, compared to analysts' expectations of $431.44 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. The business's quarterly revenue was up 10.0% compared to the same quarter last year. On average, sell-side analysts forecast that OUTFRONT Media Inc. will post 2.11 EPS for the current year.

OUTFRONT Media Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, June 5th. OUTFRONT Media's dividend payout ratio is presently 114.29%.

Insider Buying and Selling

In other news, EVP Richard H. Sauer sold 5,000 shares of the firm's 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 completion of the sale, the executive vice president owned 56,947 shares of the company's stock, valued at $1,826,859.76. This trade represents a 8.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP James Michael Norton bought 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, for a total transaction of $127,245.30. Following the completion of the purchase, the executive vice president owned 4,130 shares of the company's stock, valued at $127,245.30. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 20,000 shares of company stock worth $629,600 over the last 90 days. Company insiders own 0.45% of the company's stock.

OUTFRONT Media Company Profile

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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