Southpoint Capital Advisors LP reduced its stake in Outfront Media Inc. (REIT) (NYSE:OUT) by 62.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,500,000 shares of the financial services provider’s stock after selling 2,467,000 shares during the quarter. Southpoint Capital Advisors LP owned about 1.03% of Outfront Media worth $32,745,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the stock. Marshall Wace North America L.P. bought a new position in Outfront Media during the 1st quarter valued at about $44,000. Bank of Montreal Can grew its position in Outfront Media by 63.0% in the 1st quarter. Bank of Montreal Can now owns 3,298 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 1,275 shares during the period. Principal Financial Group Inc. purchased a new stake in Outfront Media during the 1st quarter valued at $218,000. LDR Capital Management LLC bought a new position in shares of Outfront Media during the 1st quarter valued at $243,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Outfront Media in the 4th quarter worth $247,000. 95.12% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on OUT shares. raised their target price on Outfront Media from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, May 19th. Oppenheimer boosted their target price on shares of Outfront Media from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, March 24th. Morgan Stanley increased their price target on shares of Outfront Media from $26.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Friday, June 11th. Barrington Research boosted their price objective on shares of Outfront Media from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, May 6th. Finally, Citigroup raised their target price on Outfront Media from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, May 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Outfront Media currently has a consensus rating of “Buy” and an average target price of $25.29.
Outfront Media (NYSE:OUT) last released its earnings results on Tuesday, May 4th. The financial services provider reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.46) by ($0.06). Outfront Media had a negative net margin of 12.14% and a negative return on equity of 13.77%. The company had revenue of $259.20 million for the quarter, compared to the consensus estimate of $272.23 million. During the same period in the prior year, the firm posted $0.04 EPS. The business’s revenue for the quarter was down 32.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Outfront Media Inc. will post 0.71 earnings per share for the current fiscal year.
About Outfront Media
OUTFRONT leverages the power of technology, location and creativity to connect 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 technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
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