Renaissance Technologies LLC boosted its stake in shares of Lamar Advertising Company (NASDAQ:LAMR) by 118.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,412 shares of the real estate investment trust’s stock after buying an additional 60,400 shares during the period. Renaissance Technologies LLC owned about 0.11% of Lamar Advertising worth $8,327,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of LAMR. Victory Capital Management Inc. raised its stake in shares of Lamar Advertising by 40,414.9% in the first quarter. Victory Capital Management Inc. now owns 1,326,053 shares of the real estate investment trust’s stock valued at $99,109,000 after buying an additional 1,322,780 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Lamar Advertising during the first quarter valued at about $84,308,000. Vanguard Group Inc. raised its stake in shares of Lamar Advertising by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,602,786 shares of the real estate investment trust’s stock valued at $493,493,000 after buying an additional 204,052 shares during the last quarter. OppenheimerFunds Inc. raised its stake in shares of Lamar Advertising by 13.7% in the first quarter. OppenheimerFunds Inc. now owns 1,279,133 shares of the real estate investment trust’s stock valued at $95,603,000 after buying an additional 154,570 shares during the last quarter. Finally, Clark Capital Management Group Inc. purchased a new stake in shares of Lamar Advertising during the first quarter valued at about $9,811,000. Hedge funds and other institutional investors own 85.94% of the company’s stock.
Lamar Advertising Company (NASDAQ LAMR) opened at 65.13 on Friday. Lamar Advertising Company has a 12 month low of $58.68 and a 12 month high of $79.09.
Lamar Advertising (NASDAQ:LAMR) last announced its earnings results on Tuesday, August 8th. The real estate investment trust reported $0.94 EPS for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.37. Lamar Advertising had a return on equity of 28.21% and a net margin of 19.75%. The company had revenue of $397.10 million during the quarter, compared to the consensus estimate of $399.09 million. During the same period in the prior year, the business posted $0.84 earnings per share. Lamar Advertising’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts expect that Lamar Advertising Company will post $3.12 earnings per share for the current fiscal year.
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LAMR has been the topic of several research reports. Zacks Investment Research lowered Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. MKM Partners restated a “neutral” rating and issued a $72.00 target price (down from $73.00) on shares of Lamar Advertising in a research note on Friday, May 5th. ValuEngine lowered Lamar Advertising from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Loop Capital restated a “buy” rating and issued a $87.00 target price on shares of Lamar Advertising in a research note on Friday, June 9th. Finally, BidaskClub lowered Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $73.40.
In related news, Director Stephen P. Mumblow sold 20,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 5,970 shares of the company’s stock, valued at approximately $421,541.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 18.66% of the stock is currently owned by company insiders.
About Lamar Advertising
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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