Summit X LLC lowered its stake in shares of Lamar Advertising Co (NASDAQ:LAMR) by 11.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,507 shares of the real estate investment trust’s stock after selling 950 shares during the quarter. Summit X LLC’s holdings in Lamar Advertising were worth $581,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in Lamar Advertising by 2.2% in the 2nd quarter. Janus Henderson Group PLC now owns 8,276,817 shares of the real estate investment trust’s stock valued at $565,389,000 after buying an additional 179,508 shares during the period. BlackRock Inc. increased its holdings in Lamar Advertising by 1.6% in the 2nd quarter. BlackRock Inc. now owns 7,987,014 shares of the real estate investment trust’s stock valued at $545,594,000 after buying an additional 126,718 shares during the period. Schroder Investment Management Group increased its holdings in Lamar Advertising by 214.2% in the 2nd quarter. Schroder Investment Management Group now owns 3,525,888 shares of the real estate investment trust’s stock valued at $75,220,000 after buying an additional 2,403,637 shares during the period. Victory Capital Management Inc. increased its holdings in Lamar Advertising by 7.3% in the 2nd quarter. Victory Capital Management Inc. now owns 3,065,269 shares of the real estate investment trust’s stock valued at $209,388,000 after buying an additional 207,394 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Lamar Advertising by 7.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,303,819 shares of the real estate investment trust’s stock valued at $157,374,000 after buying an additional 165,182 shares during the period. 83.39% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:LAMR opened at $74.85 on Friday. Lamar Advertising Co has a 52 week low of $61.36 and a 52 week high of $79.40. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market capitalization of $7.40 billion, a PE ratio of 14.82 and a beta of 1.13.
Lamar Advertising (NASDAQ:LAMR) last issued its earnings results on Wednesday, August 8th. The real estate investment trust reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.06. Lamar Advertising had a net margin of 18.93% and a return on equity of 27.75%. The company had revenue of $419.80 million for the quarter, compared to the consensus estimate of $416.75 million. During the same quarter in the previous year, the company earned $0.94 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that Lamar Advertising Co will post 5.09 EPS for the current year.
Several equities research analysts have issued reports on the stock. ValuEngine lowered shares of Lamar Advertising from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. BidaskClub raised shares of Lamar Advertising from a “hold” rating to a “buy” rating in a report on Wednesday, July 18th. Zacks Investment Research lowered shares of Lamar Advertising from a “hold” rating to a “sell” rating in a report on Monday, October 15th. Imperial Capital assumed coverage on shares of Lamar Advertising in a report on Thursday, September 13th. They issued an “outperform” rating and a $93.00 price target on the stock. Finally, Citigroup boosted their price target on shares of Lamar Advertising from $68.00 to $69.00 and gave the company a “sell” rating in a report on Wednesday, August 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Lamar Advertising presently has a consensus rating of “Hold” and an average price target of $77.33.
Lamar Advertising Company Profile
Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with more than 348,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day.
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