Arrowstreet Capital Limited Partnership Reduces Stock Position in Lamar Advertising (NASDAQ:LAMR)

Arrowstreet Capital Limited Partnership lessened its stake in shares of Lamar Advertising (NASDAQ:LAMR - Free Report) by 71.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,943 shares of the real estate investment trust's stock after selling 158,681 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.06% of Lamar Advertising worth $7,541,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP raised its position in Lamar Advertising by 45.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,974,848 shares of the real estate investment trust's stock worth $263,840,000 after buying an additional 617,356 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Lamar Advertising by 108.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 905,368 shares of the real estate investment trust's stock worth $110,220,000 after acquiring an additional 470,805 shares during the period. Norges Bank purchased a new position in Lamar Advertising during the fourth quarter worth about $57,255,000. Raymond James Financial Inc. acquired a new stake in Lamar Advertising in the fourth quarter valued at about $48,023,000. Finally, Duff & Phelps Investment Management Co. boosted its holdings in Lamar Advertising by 631.7% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 180,296 shares of the real estate investment trust's stock valued at $24,088,000 after purchasing an additional 155,656 shares in the last quarter. 93.78% of the stock is owned by institutional investors and hedge funds.

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Lamar Advertising Price Performance

Shares of LAMR stock traded up $3.33 during midday trading on Friday, reaching $113.01. 996,193 shares of the company traded hands, compared to its average volume of 478,968. The firm's 50 day simple moving average is $118.38 and its two-hundred day simple moving average is $125.20. The firm has a market cap of $11.57 billion, a PE ratio of 32.01 and a beta of 1.34. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.56 and a quick ratio of 0.56. Lamar Advertising has a 1-year low of $99.84 and a 1-year high of $139.88.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.74. The firm had revenue of $579.57 million during the quarter, compared to analysts' expectations of $583.19 million. Lamar Advertising had a return on equity of 30.20% and a net margin of 16.40%. On average, equities research analysts expect that Lamar Advertising will post 7.92 EPS for the current fiscal year.

Lamar Advertising Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Lamar Advertising's previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a dividend yield of 5.49%. Lamar Advertising's payout ratio is currently 175.64%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Citigroup increased their target price on Lamar Advertising from $121.76 to $128.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price objective on Lamar Advertising from $129.00 to $126.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $134.60.

Lamar Advertising Profile

Lamar Advertising Company operates as an outdoor advertising company in the United States and Canada. The company owns and operates billboards, logo signs, and transit advertising displays, as well as rents space for advertising on billboards, buses, shelters, benches, logo plates, and in airport terminals.