OUTFRONT Media Inc. $OUT Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management reduced its OUTFRONT Media stake by 36.2%, selling 2.01 million shares and retaining 3.54 million shares valued at approximately $116.1 million. Other institutional investors, including Vanguard and Ameriprise, increased their positions.
• OUTFRONT Media reported quarterly EPS of $0.68, beating the $0.38 consensus estimate, while revenue rose 13.5% year over year to $522.5 million. Analysts maintain a generally positive outlook, with six Buy ratings and one Hold rating.
• The company increased its quarterly dividend to $0.33 per share from $0.30, implying an annualized dividend of $1.32 and a yield of approximately 4.4%.

Wellington Management Group LLP lessened its holdings in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 36.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,542,850 shares of the financial services provider's stock after selling 2,010,669 shares during the period. Wellington Management Group LLP owned approximately 2.01% of OUTFRONT Media worth $116,064,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in OUTFRONT Media during the 2nd quarter worth $56,839,000. Balyasny Asset Management L.P. raised its stake in OUTFRONT Media by 226.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,310,195 shares of the financial services provider's stock valued at $55,676,000 after buying an additional 1,603,315 shares during the last quarter. Vanguard Group Inc. boosted its holdings in OUTFRONT Media by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 22,654,899 shares of the financial services provider's stock worth $545,983,000 after acquiring an additional 1,131,954 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of OUTFRONT Media by 85.2% during the second quarter. Ameriprise Financial Inc. now owns 1,788,695 shares of the financial services provider's stock worth $29,192,000 after acquiring an additional 822,845 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in shares of OUTFRONT Media during the third quarter worth about $13,705,000.

Insider Activity

In other news, EVP Richard H. Sauer sold 5,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $32.08, for a total value of $160,400.00. Following the completion of the transaction, the executive vice president owned 56,947 shares of the company's stock, valued at $1,826,859.76. The trade was a 8.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP James Michael Norton bought 4,130 shares of the stock in a transaction dated Thursday, June 11th. The stock was bought at an average price of $30.81 per share, for a total transaction of $127,245.30. Following the purchase, the executive vice president directly owned 4,130 shares of the company's stock, valued at approximately $127,245.30. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 20,000 shares of company stock worth $629,600 over the last ninety days. 0.45% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of OUTFRONT Media from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Morgan Stanley set a $37.00 target price on shares of OUTFRONT Media in a research report on Friday, May 8th. JPMorgan Chase & Co. restated an "overweight" rating and set a $38.00 price target on shares of OUTFRONT Media in a research note on Wednesday, July 22nd. Wall Street Zen cut shares of OUTFRONT Media from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. Finally, TD Cowen reiterated a "buy" rating and set a $40.00 price objective (up from $38.00) on shares of OUTFRONT Media in a research note on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, OUTFRONT Media has an average rating of "Moderate Buy" and a consensus target price of $34.00.

OUTFRONT Media Price Performance

Shares of NYSE OUT opened at $29.79 on Wednesday. The business's 50 day moving average price is $31.65 and its 200 day moving average price is $30.20. The firm has a market cap of $5.25 billion, a P/E ratio of 21.43 and a beta of 1.48. OUTFRONT Media Inc. has a 52 week low of $16.97 and a 52 week high of $34.96. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 3.50.

OUTFRONT Media (NYSE:OUT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.30. OUTFRONT Media had a net margin of 12.66% and a return on equity of 37.44%. The company had revenue of $522.50 million during the quarter, compared to analyst estimates of $509.61 million. During the same period last year, the firm posted $0.51 EPS. OUTFRONT Media's revenue for the quarter was up 13.5% compared to the same quarter last year. On average, sell-side analysts expect that OUTFRONT Media Inc. will post 2.18 earnings per share for the current year.

OUTFRONT Media Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from OUTFRONT Media's previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 4.4%. OUTFRONT Media's dividend payout ratio is currently 86.33%.

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.

Want to see what other hedge funds are holding OUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OUTFRONT Media Inc. (NYSE:OUT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source