Principal Financial Group Inc. Reduces Position in Lamar Advertising Company (REIT) (NASDAQ:LAMR)

Principal Financial Group Inc. reduced its holdings in Lamar Advertising Company (REIT) (NASDAQ:LAMR) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,649 shares of the real estate investment trust’s stock after selling 8,938 shares during the period. Principal Financial Group Inc. owned about 0.25% of Lamar Advertising worth $16,983,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. DAVENPORT & Co LLC boosted its holdings in shares of Lamar Advertising by 61.2% in the 3rd quarter. DAVENPORT & Co LLC now owns 1,692,340 shares of the real estate investment trust’s stock valued at $111,982,000 after acquiring an additional 642,609 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Lamar Advertising by 16.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,461,723 shares of the real estate investment trust’s stock valued at $97,583,000 after acquiring an additional 210,961 shares during the last quarter. Hamlin Capital Management LLC boosted its holdings in shares of Lamar Advertising by 60.4% in the 3rd quarter. Hamlin Capital Management LLC now owns 1,022,790 shares of the real estate investment trust’s stock valued at $67,678,000 after acquiring an additional 384,960 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Lamar Advertising by 31.4% in the 2nd quarter. Bank of Montreal Can now owns 963,883 shares of the real estate investment trust’s stock valued at $59,743,000 after acquiring an additional 230,287 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Lamar Advertising by 81.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 799,105 shares of the real estate investment trust’s stock valued at $53,349,000 after acquiring an additional 358,545 shares during the last quarter. 77.42% of the stock is currently owned by institutional investors and hedge funds.

LAMR has been the topic of several recent research reports. BidaskClub raised shares of Lamar Advertising from a “strong sell” rating to a “sell” rating in a report on Monday, November 2nd. Morgan Stanley upgraded shares of Lamar Advertising from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $77.00 to $81.00 in a research note on Monday, November 2nd. MKM Partners boosted their target price on shares of Lamar Advertising from $67.00 to $80.00 in a research note on Wednesday, November 11th. ValuEngine upgraded shares of Lamar Advertising from a “sell” rating to a “hold” rating in a research note on Monday, November 2nd. Finally, Wolfe Research upgraded shares of Lamar Advertising from an “underperform” rating to a “peer perform” rating and set a $73.00 target price for the company in a research note on Monday, July 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $72.33.

NASDAQ:LAMR opened at $76.23 on Friday. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.13 and a current ratio of 1.13. The company has a fifty day moving average of $69.93 and a two-hundred day moving average of $67.60. The stock has a market capitalization of $7.69 billion, a PE ratio of 32.44 and a beta of 1.32. Lamar Advertising Company has a fifty-two week low of $30.89 and a fifty-two week high of $96.82.

Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings data on Tuesday, November 10th. The real estate investment trust reported $0.62 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.18 by ($0.56). The company had revenue of $386.10 million for the quarter, compared to analyst estimates of $377.13 million. Lamar Advertising had a return on equity of 23.81% and a net margin of 16.38%. The business’s revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.99 earnings per share. Research analysts forecast that Lamar Advertising Company will post 4.71 earnings per share for the current year.

In other Lamar Advertising news, CFO Jay Lecoryelle Johnson sold 3,011 shares of the company’s stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $73.51, for a total transaction of $221,338.61. Following the completion of the transaction, the chief financial officer now directly owns 11,821 shares in the company, valued at $868,961.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.02% of the company’s stock.

Lamar Advertising Profile

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with approximately 385,000 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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