Riverhead Capital Management LLC increased its holdings in shares of Outfront Media Inc (NYSE:OUT) by 32.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 158,930 shares of the financial services provider’s stock after purchasing an additional 38,580 shares during the period. Riverhead Capital Management LLC’s holdings in Outfront Media were worth $3,171,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. FMR LLC raised its position in Outfront Media by 53.0% in the third quarter. FMR LLC now owns 11,992,651 shares of the financial services provider’s stock valued at $239,253,000 after purchasing an additional 4,154,719 shares during the last quarter. BlackRock Inc. raised its position in Outfront Media by 2.9% in the second quarter. BlackRock Inc. now owns 7,520,012 shares of the financial services provider’s stock valued at $146,262,000 after purchasing an additional 215,242 shares during the last quarter. Janus Henderson Group PLC raised its position in Outfront Media by 1.4% in the third quarter. Janus Henderson Group PLC now owns 4,243,795 shares of the financial services provider’s stock valued at $84,664,000 after purchasing an additional 56,714 shares during the last quarter. Macquarie Group Ltd. raised its position in Outfront Media by 14.7% in the second quarter. Macquarie Group Ltd. now owns 4,014,179 shares of the financial services provider’s stock valued at $78,076,000 after purchasing an additional 515,529 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Outfront Media by 1.4% in the third quarter. Bank of New York Mellon Corp now owns 4,008,525 shares of the financial services provider’s stock valued at $79,970,000 after purchasing an additional 56,951 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.
Several research firms have commented on OUT. Wolfe Research began coverage on Outfront Media in a research report on Friday. They issued an “outperform” rating and a $25.00 target price for the company. Morgan Stanley increased their price target on Outfront Media from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday. Citigroup decreased their price target on Outfront Media from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, August 17th. ValuEngine cut Outfront Media from a “sell” rating to a “strong sell” rating in a research note on Monday, September 24th. Finally, TheStreet raised Outfront Media from a “c+” rating to a “b-” rating in a research note on Monday, November 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $23.83.
Outfront Media (NYSE:OUT) last issued its quarterly earnings results on Monday, November 5th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.03. The company had revenue of $414.20 million during the quarter, compared to analysts’ expectations of $404.37 million. Outfront Media had a return on equity of 7.42% and a net margin of 5.54%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, research analysts predict that Outfront Media Inc will post 2.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.44 annualized dividend and a dividend yield of 6.94%. Outfront Media’s payout ratio is 72.00%.
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Outfront Media Company Profile
OUTFRONT Media connects brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its ON Smart Media platform, OUTFRONT Media is implementing digital technology that will fundamentally change the ways advertisers engage people on-the-go.
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