Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Lamar Advertising (NASDAQ:LAMR - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 96,095 shares of the real estate investment trust's stock, valued at approximately $12,838,000. Sumitomo Mitsui Trust Group Inc. owned about 0.09% of Lamar Advertising at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Boston Trust Walden Corp lifted its holdings in shares of Lamar Advertising by 2.3% during the 2nd quarter. Boston Trust Walden Corp now owns 399,678 shares of the real estate investment trust's stock valued at $47,774,000 after purchasing an additional 8,857 shares during the last quarter. Csenge Advisory Group purchased a new stake in shares of Lamar Advertising during the 2nd quarter valued at $722,000. Natixis Advisors LLC lifted its holdings in shares of Lamar Advertising by 13.1% during the 2nd quarter. Natixis Advisors LLC now owns 60,442 shares of the real estate investment trust's stock valued at $7,225,000 after purchasing an additional 6,979 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Lamar Advertising by 179.4% during the 2nd quarter. Acadian Asset Management LLC now owns 18,639 shares of the real estate investment trust's stock valued at $2,226,000 after purchasing an additional 11,967 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Lamar Advertising during the 3rd quarter valued at $43,665,000. Hedge funds and other institutional investors own 93.78% of the company's stock.
Lamar Advertising Stock Performance
LAMR traded up $1.23 during midday trading on Monday, hitting $127.58. 755,130 shares of the company were exchanged, compared to its average volume of 410,500. The company's 50 day simple moving average is $132.11 and its 200 day simple moving average is $123.42. The firm has a market capitalization of $13.05 billion, a price-to-earnings ratio of 25.27 and a beta of 1.52. The company has a current ratio of 0.56, a quick ratio of 0.41 and a debt-to-equity ratio of 2.48. Lamar Advertising has a 1-year low of $97.21 and a 1-year high of $139.88.
Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its quarterly earnings results on Friday, November 8th. The real estate investment trust reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.73). The company had revenue of $564.10 million for the quarter, compared to analyst estimates of $568.91 million. Lamar Advertising had a return on equity of 42.58% and a net margin of 23.46%. Lamar Advertising's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.04 earnings per share. As a group, sell-side analysts predict that Lamar Advertising will post 7.75 earnings per share for the current year.
Lamar Advertising Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Wednesday, September 18th were given a dividend of $1.40 per share. The ex-dividend date was Wednesday, September 18th. This is a boost from Lamar Advertising's previous quarterly dividend of $1.30. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.39%. Lamar Advertising's dividend payout ratio (DPR) is 112.00%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on LAMR. StockNews.com lowered Lamar Advertising from a "buy" rating to a "hold" rating in a research note on Monday, November 11th. JPMorgan Chase & Co. raised their target price on Lamar Advertising from $117.00 to $121.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 31st. Morgan Stanley raised their target price on Lamar Advertising from $125.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Monday, November 11th. Wells Fargo & Company reduced their target price on Lamar Advertising from $132.00 to $124.00 and set an "equal weight" rating for the company in a research note on Monday, November 11th. Finally, TD Cowen raised their target price on Lamar Advertising from $142.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $132.40.
View Our Latest Research Report on Lamar Advertising
Lamar Advertising Profile
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Free Report)
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.
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