Oppenheimer & Co. Inc. lowered its stake in Lamar Advertising Company (NASDAQ:LAMR) by 50.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,064 shares of the real estate investment trust’s stock after selling 7,050 shares during the period. Oppenheimer & Co. Inc.’s holdings in Lamar Advertising were worth $484,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LAMR. Janus Henderson Group PLC purchased a new position in Lamar Advertising in the second quarter worth about $598,020,000. Victory Capital Management Inc. grew its position in Lamar Advertising by 81.2% in the second quarter. Victory Capital Management Inc. now owns 2,403,223 shares of the real estate investment trust’s stock worth $176,805,000 after acquiring an additional 1,077,170 shares in the last quarter. BlackRock Inc. grew its position in Lamar Advertising by 7.5% in the second quarter. BlackRock Inc. now owns 7,606,970 shares of the real estate investment trust’s stock worth $559,646,000 after acquiring an additional 528,392 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Lamar Advertising in the second quarter worth about $33,402,000. Finally, Renaissance Technologies LLC grew its position in Lamar Advertising by 251.7% in the second quarter. Renaissance Technologies LLC now owns 391,800 shares of the real estate investment trust’s stock worth $28,825,000 after acquiring an additional 280,388 shares in the last quarter. Institutional investors own 84.42% of the company’s stock.
LAMR has been the subject of several recent research reports. ValuEngine upgraded Lamar Advertising from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Morgan Stanley dropped their price target on Lamar Advertising from $75.00 to $68.00 and set an “equal weight” rating for the company in a research report on Monday, September 18th. MKM Partners dropped their price target on Lamar Advertising from $72.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday, August 9th. Citigroup reiterated a “neutral” rating and issued a $66.00 price target (down previously from $69.00) on shares of Lamar Advertising in a research report on Friday, August 11th. Finally, BidaskClub lowered Lamar Advertising from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $73.00.
Lamar Advertising (NASDAQ:LAMR) last announced its earnings results on Monday, November 6th. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by ($0.34). Lamar Advertising had a net margin of 20.33% and a return on equity of 29.03%. The business had revenue of $399.30 million for the quarter, compared to analysts’ expectations of $392.10 million. During the same quarter last year, the firm earned $0.87 EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. equities research analysts forecast that Lamar Advertising Company will post 4.83 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Monday, December 18th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, December 15th. This represents a $3.32 annualized dividend and a dividend yield of 4.38%. Lamar Advertising’s dividend payout ratio (DPR) is presently 105.40%.
Lamar Advertising Company Profile
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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