Outfront Media Inc. (OUT) Sees Strong Trading Volume
Outfront Media Inc. (NYSE:OUT) shares saw unusually-high trading volume on Tuesday . Approximately 1,286,191 shares were traded during mid-day trading, an increase of 65% from the previous session’s volume of 781,261 shares.The stock last traded at $22.94 and had previously closed at $22.41.
OUT has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Outfront Media from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Loop Capital initiated coverage on shares of Outfront Media in a research note on Monday, September 12th. They issued a “hold” rating and a $23.00 price objective for the company. Wedbush initiated coverage on shares of Outfront Media in a research note on Thursday, July 21st. They issued a “neutral” rating and a $26.00 price objective for the company. Gabelli initiated coverage on shares of Outfront Media in a report on Friday, July 22nd. They issued a “hold” rating and a $29.00 target price on the stock. Finally, TheStreet raised shares of Outfront Media from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Outfront Media currently has a consensus rating of “Hold” and an average target price of $25.57.
The company’s market cap is $3.14 billion. The company has a 50 day moving average price of $22.21 and a 200 day moving average price of $22.28.
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Outfront Media (NYSE:OUT) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.06. Outfront Media had a negative return on equity of 2.13% and a negative net margin of 1.74%. The company had revenue of $385.30 million for the quarter, compared to the consensus estimate of $380.11 million. During the same period last year, the firm earned $0.16 earnings per share. The company’s revenue for the quarter was up .2% compared to the same quarter last year. On average, equities research analysts forecast that Outfront Media Inc. will post $2.22 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 9th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, September 7th. This represents a $1.36 dividend on an annualized basis and a yield of 5.98%. Outfront Media’s dividend payout ratio (DPR) is -679.97%.
In related news, EVP Andrew Sriubas acquired 6,000 shares of Outfront Media stock in a transaction on Wednesday, September 14th. The stock was purchased at an average cost of $20.88 per share, with a total value of $125,280.00. Following the completion of the transaction, the executive vice president now directly owns 19,319 shares in the company, valued at approximately $403,380.72. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Donald R. Shassian acquired 5,000 shares of Outfront Media stock in a transaction on Tuesday, September 6th. The shares were bought at an average cost of $21.90 per share, with a total value of $109,500.00. Following the completion of the transaction, the chief financial officer now owns 137,438 shares of the company’s stock, valued at $3,009,892.20. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in OUT. Royal Bank of Canada boosted its position in Outfront Media by 4.6% in the first quarter. Royal Bank of Canada now owns 48,744 shares of the company’s stock worth $1,028,000 after buying an additional 2,138 shares during the period. Renaissance Technologies LLC increased its stake in Outfront Media by 706.2% in the first quarter. Renaissance Technologies LLC now owns 1,709,100 shares of the company’s stock worth $36,062,000 after buying an additional 1,497,100 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Outfront Media by 10.0% in the second quarter. JPMorgan Chase & Co. now owns 9,130,965 shares of the company’s stock worth $220,695,000 after buying an additional 830,571 shares in the last quarter. Prudential Financial Inc. purchased a new stake in Outfront Media during the first quarter worth $949,000. Finally, TIAA CREF Investment Management LLC increased its stake in Outfront Media by 3.8% in the first quarter. TIAA CREF Investment Management LLC now owns 357,894 shares of the company’s stock worth $7,552,000 after buying an additional 12,958 shares in the last quarter.
About Outfront Media
OUTFRONT Media Inc, formerly CBS Outdoor Americas Inc, is a provider of advertising space on out-of-home advertising structures and sites across the United States, Canada and Latin America. The Company’s inventory consists of billboard displays and transit advertising displays. It operates through two segments.
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