Steinberg Global Asset Management increased its holdings in shares of Lamar Advertising Company (NASDAQ:LAMR) by 71.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 66,640 shares of the real estate investment trust’s stock after buying an additional 27,868 shares during the quarter. Steinberg Global Asset Management owned 0.08% of Lamar Advertising worth $4,567,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC acquired a new position in Lamar Advertising in the 2nd quarter worth about $598,020,000. BlackRock Inc. increased its holdings in Lamar Advertising by 7.5% in the 2nd quarter. BlackRock Inc. now owns 7,606,970 shares of the real estate investment trust’s stock worth $559,646,000 after purchasing an additional 528,392 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Lamar Advertising by 2.1% in the second quarter. Vanguard Group Inc. now owns 6,742,042 shares of the real estate investment trust’s stock valued at $496,013,000 after buying an additional 139,256 shares during the period. Victory Capital Management Inc. increased its stake in shares of 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 valued at $176,805,000 after buying an additional 1,077,170 shares during the period. Finally, State Street Corp increased its stake in shares of Lamar Advertising by 2.7% in the second quarter. State Street Corp now owns 2,225,264 shares of the real estate investment trust’s stock valued at $163,707,000 after buying an additional 58,453 shares during the period. Institutional investors and hedge funds own 85.65% of the company’s stock.
Several brokerages have recently weighed in on LAMR. ValuEngine raised Lamar Advertising from a “hold” rating to a “buy” rating in a research note on Thursday, August 10th. MKM Partners decreased their price target on Lamar Advertising from $72.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday, August 9th. Citigroup Inc. reissued a “neutral” rating and issued a $66.00 price target (down previously from $69.00) on shares of Lamar Advertising in a research note on Friday, August 11th. BidaskClub cut Lamar Advertising from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Finally, Wells Fargo & Company cut Lamar Advertising from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $73.00.
Shares of Lamar Advertising Company (LAMR) traded down $0.38 during trading hours on Friday, reaching $75.02. The company’s stock had a trading volume of 925,900 shares, compared to its average volume of 600,255. The company has a market capitalization of $7,391.69, a price-to-earnings ratio of 15.11, a P/E/G ratio of 5.20 and a beta of 1.14. The company has a current ratio of 1.55, a quick ratio of 1.48 and a debt-to-equity ratio of 2.23. Lamar Advertising Company has a 1-year low of $58.68 and a 1-year high of $79.09.
Lamar Advertising (NASDAQ:LAMR) last announced its quarterly earnings results on Monday, November 6th. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.34). The firm had revenue of $399.30 million during the quarter, compared to the consensus estimate of $392.10 million. Lamar Advertising had a return on equity of 29.03% and a net margin of 20.33%. The firm’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.87 EPS. equities research analysts expect that Lamar Advertising Company will post 4.83 earnings per share for the current year.
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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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