Peregrine Capital Management LLC Sells 59,853 Shares of OUTFRONT Media Inc. $OUT

Key Points

• Peregrine Capital Management cut its OUTFRONT Media stake by 24.5% in the first quarter, selling 59,853 shares and leaving it with 184,548 shares worth about $4.89 million.
• OUTFRONT Media reported better-than-expected quarterly earnings of $0.34 per share versus the $0.28 estimate, with revenue up 10% year over year to $429.6 million.
• The company also pays a 3.6% dividend yield after issuing a $0.30 quarterly dividend, while analysts remain broadly positive with a consensus Moderate Buy rating and a $30.71 target price.

Peregrine Capital Management LLC lowered its position in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 184,548 shares of the financial services provider's stock after selling 59,853 shares during the period. Peregrine Capital Management LLC owned about 0.10% of OUTFRONT Media worth $4,891,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. GRS Advisors LLC raised its holdings in shares of OUTFRONT Media by 12.8% in the 3rd quarter. GRS Advisors LLC now owns 2,468,232 shares of the financial services provider's stock valued at $45,218,000 after purchasing an additional 279,326 shares in the last quarter. Burney Co. bought a new position in shares of OUTFRONT Media during the fourth quarter valued at approximately $735,000. Polar Asset Management Partners Inc. purchased a new position in OUTFRONT Media during the third quarter valued at approximately $5,622,000. BTC Capital Management Inc. purchased a new position in OUTFRONT Media during the fourth quarter valued at approximately $3,625,000. Finally, Pensionfund PDN bought a new position in OUTFRONT Media in the fourth quarter worth approximately $1,027,000.

OUTFRONT Media Stock Up 0.4%

OUTFRONT Media stock opened at $32.89 on Thursday. The company has a debt-to-equity ratio of 3.90, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 31.33, a PEG ratio of 1.55 and a beta of 1.49. OUTFRONT Media Inc. has a 1-year low of $16.48 and a 1-year high of $34.96. The business has a fifty day moving average price of $31.72 and a 200-day moving average price of $28.07.

OUTFRONT Media (NYSE:OUT - Get Free Report) last announced its earnings results on Thursday, May 7th. The financial services provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.06. OUTFRONT Media had a return on equity of 30.36% and a net margin of 9.98%.The firm had revenue of $429.60 million for the quarter, compared to the consensus estimate of $431.44 million. During the same period in the previous year, the business earned $0.14 EPS. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. Equities research analysts forecast that OUTFRONT Media Inc. will post 2.12 EPS for the current fiscal year.

OUTFRONT Media Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.6%. OUTFRONT Media's payout ratio is 114.29%.

Insider Transactions at OUTFRONT Media

In related news, EVP Richard H. Sauer sold 5,000 shares of the firm's stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP James Michael Norton acquired 4,130 shares of OUTFRONT Media stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $30.81 per share, with a total value of $127,245.30. Following the purchase, the executive vice president directly owned 4,130 shares in the company, valued at approximately $127,245.30. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 20,000 shares of company stock worth $629,600 over the last three months. Corporate insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OUT shares. Wall Street Zen cut OUTFRONT Media from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 20th. TD Cowen reiterated a "buy" rating and issued a $38.00 target price (up from $32.00) on shares of OUTFRONT Media in a report on Tuesday, May 12th. Barrington Research set a $38.00 price target on shares of OUTFRONT Media in a research report on Tuesday, May 12th. Finally, Morgan Stanley set a $37.00 price target on shares of OUTFRONT Media in a report on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, OUTFRONT Media currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.71.

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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