Zacks Investment Research cut shares of Lamar Advertising Company (NASDAQ:LAMR) from a hold rating to a sell rating in a research report report published on Tuesday, May 9th.
According to Zacks, “Shares of Lamar outperformed the Zacks-categorized REIT and Equity Trust – Other industry over the past six months. However, its second-quarter and full-year 2017 estimates remained unchanged in the past one-month period. Notably, the company reported lower-than-expected first-quarter 2017 adjusted funds from operations (FFO) per share. The company’s results reflected year over year fall in operating income and cash flow from operating activities. Moving ahead, increased capital expenditures and higher expenses related to continuous acquisition of outdoor advertising assets could reduce free cash flow and strain margins, hampering the financial performance of the company. Also, stiff competition and rise in the interest rate pose challenges for Lamar. However, the company has a diversified tenant base comprising different industries and an impressive national footprint. Also, the recent increase in dividend is encouraging.”
A number of other equities research analysts have also commented on the company. MKM Partners restated a neutral rating and set a $72.00 price objective (down from $73.00) on shares of Lamar Advertising Company in a research report on Friday, May 5th. Goldman Sachs Group, Inc. (The) raised Lamar Advertising Company from a neutral rating to a buy rating and set a $80.00 price target for the company in a research note on Tuesday, January 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $74.60.
Shares of Lamar Advertising Company (LAMR) opened at 70.98 on Tuesday. The firm has a market capitalization of $6.95 billion, a PE ratio of 24.16 and a beta of 1.21. The stock has a 50 day moving average of $70.58 and a 200-day moving average of $72.28. Lamar Advertising Company has a 12 month low of $58.68 and a 12 month high of $79.09.
Lamar Advertising Company (NASDAQ:LAMR) last announced its quarterly earnings data on Thursday, May 4th. The real estate investment trust reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by $0.49. Lamar Advertising Company had a return on equity of 27.42% and a net margin of 19.18%. The business had revenue of $346.40 million for the quarter, compared to analyst estimates of $347.06 million. During the same quarter in the previous year, the business posted $0.95 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Lamar Advertising Company will post $3.12 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date is Tuesday, June 13th. Lamar Advertising Company’s dividend payout ratio (DPR) is currently 112.93%.
In other news, Director Anna Reilly sold 50,000 shares of Lamar Advertising Company stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $74.83, for a total transaction of $3,741,500.00. Following the sale, the director now owns 141,859 shares of the company’s stock, valued at approximately $10,615,308.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen P. Mumblow sold 20,000 shares of Lamar Advertising Company stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $70.61, for a total value of $1,412,200.00. Following the sale, the director now directly owns 5,970 shares in the company, valued at approximately $421,541.70. The disclosure for this sale can be found here. Insiders sold a total of 95,000 shares of company stock worth $7,090,450 in the last ninety days. Insiders own 18.66% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Tudor Investment Corp ET AL purchased a new stake in shares of Lamar Advertising Company during the first quarter valued at $997,000. AQR Capital Management LLC raised its stake in shares of Lamar Advertising Company by 4.2% in the first quarter. AQR Capital Management LLC now owns 27,575 shares of the real estate investment trust’s stock valued at $2,061,000 after buying an additional 1,113 shares during the last quarter. Level Four Advisory Services LLC purchased a new stake in shares of Lamar Advertising Company during the first quarter valued at $299,000. State Street Corp raised its stake in shares of Lamar Advertising Company by 2.2% in the first quarter. State Street Corp now owns 2,166,811 shares of the real estate investment trust’s stock valued at $161,945,000 after buying an additional 46,863 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new stake in shares of Lamar Advertising Company during the first quarter valued at approximately $220,000. 86.55% of the stock is currently owned by institutional investors.
About Lamar Advertising Company
Lamar Advertising Company is an outdoor advertising company in the United States. The Company operates in the advertising segment. The Company sells advertising on billboards, buses, shelters, benches and logo plates. It operates three types of outdoor advertising displays: billboards, logo signs and transit advertising displays.
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