Vanguard Group Inc. Cuts Stock Position in Lamar Advertising Co (NASDAQ:LAMR)

Vanguard Group Inc. cut its stake in shares of Lamar Advertising Co (NASDAQ:LAMR) by 0.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 12,745,969 shares of the real estate investment trust’s stock after selling 3,383 shares during the quarter. Vanguard Group Inc. owned 0.13% of Lamar Advertising worth $1,028,727,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of LAMR. First Interstate Bank purchased a new stake in Lamar Advertising during the 2nd quarter valued at about $27,000. Arcadia Investment Management Corp MI purchased a new stake in Lamar Advertising during the 2nd quarter valued at about $32,000. Penserra Capital Management LLC purchased a new stake in Lamar Advertising during the 1st quarter valued at about $39,000. Ossiam purchased a new stake in Lamar Advertising during the 2nd quarter valued at about $49,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in Lamar Advertising by 34.6% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 673 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 173 shares during the period. Institutional investors own 79.90% of the company’s stock.

LAMR has been the subject of several analyst reports. Imperial Capital dropped their target price on Lamar Advertising from $89.00 to $86.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. They noted that the move was a valuation call. ValuEngine cut Lamar Advertising from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, BidaskClub cut Lamar Advertising from a “hold” rating to a “sell” rating in a report on Saturday, September 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $80.75.

LAMR traded down $0.10 during midday trading on Monday, reaching $79.90. 42,160 shares of the company’s stock traded hands, compared to its average volume of 282,998. The firm has a fifty day moving average of $77.38 and a two-hundred day moving average of $79.58. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of 14.53 and a beta of 0.96. The company has a debt-to-equity ratio of 3.33, a current ratio of 0.50 and a quick ratio of 0.50. Lamar Advertising Co has a 52 week low of $64.51 and a 52 week high of $84.50.

Lamar Advertising (NASDAQ:LAMR) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.42). The business had revenue of $448.74 million for the quarter, compared to the consensus estimate of $451.85 million. Lamar Advertising had a net margin of 21.39% and a return on equity of 32.10%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 EPS. Sell-side analysts forecast that Lamar Advertising Co will post 5.53 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend is Friday, September 13th. Lamar Advertising’s payout ratio is 69.82%.

In other Lamar Advertising news, Director Stephen P. Mumblow sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $79.81, for a total transaction of $279,335.00. Following the completion of the transaction, the director now owns 5,580 shares of the company’s stock, valued at approximately $445,339.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.19% of the company’s stock.

About Lamar Advertising

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with approximately 360,000 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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Institutional Ownership by Quarter for Lamar Advertising (NASDAQ:LAMR)

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