Lamar Advertising Co. (LAMR) Reaches New 1-Year High at $67.73
Lamar Advertising Co. (NASDAQ:LAMR)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $67.73 and last traded at $67.73, with a volume of 213,085 shares changing hands. The stock had previously closed at $66.73.
LAMR has been the topic of several analyst reports. Citigroup Inc. downgraded shares of Lamar Advertising from a “buy” rating to a “neutral” rating in a report on Monday, March 28th. Zacks Investment Research downgraded shares of Lamar Advertising from a “strong-buy” rating to a “hold” rating in a report on Monday, March 14th. Finally, MKM Partners upped their price target on shares of Lamar Advertising from $57.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, May 5th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $66.71.
The company has a market cap of $6.57 billion and a price-to-earnings ratio of 23.96. The stock’s 50-day moving average is $64.39 and its 200-day moving average is $60.39.
Lamar Advertising (NASDAQ:LAMR) last issued its quarterly earnings data on Thursday, May 5th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.48. The company had revenue of $338.50 million for the quarter, compared to analysts’ expectations of $333.25 million. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 EPS. On average, analysts predict that Lamar Advertising Co. will post $3.10 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Thursday, June 16th were given a dividend of $0.75 per share. The ex-dividend date was Tuesday, June 14th. This represents a $3.00 annualized dividend and a dividend yield of 4.43%.
In other news, CFO Keith A. Istre sold 8,918 shares of Lamar Advertising stock in a transaction on Monday, May 9th. The shares were sold at an average price of $63.47, for a total value of $566,025.46. Following the transaction, the chief financial officer now directly owns 135,117 shares of the company’s stock, valued at approximately $8,575,875.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen P. Mumblow sold 10,000 shares of Lamar Advertising stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $63.50, for a total transaction of $635,000.00. Following the completion of the transaction, the director now directly owns 30,970 shares in the company, valued at $1,966,595. The disclosure for this sale can be found here.
Other institutional investors have made changes to their positions in the company. Chicago Equity Partners LLC acquired a new position in shares of Lamar Advertising during the fourth quarter worth approximately $3,396,000. WBI Investments Inc. acquired a new position in shares of Lamar Advertising during the fourth quarter worth approximately $13,828,000. Russell Frank Co boosted its position in shares of Lamar Advertising by 15.7% in the fourth quarter. Russell Frank Co now owns 139,825 shares of the company’s stock worth $8,399,000 after buying an additional 18,946 shares during the last quarter. Jennison Associates acquired a new position in shares of Lamar Advertising during the third quarter worth approximately $2,564,000. Finally, Liberty Mutual Group Asset Management Inc. boosted its position in shares of Lamar Advertising by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 52,801 shares of the company’s stock worth $3,166,000 after buying an additional 17,917 shares during the last quarter.
Lamar Advertising Company is an outdoor advertising company in the United States. The Company operates in the advertising segment. The Company sells advertising on billboards, buses, shelters, benches and logo plates. It operates three types of outdoor advertising displays: billboards, logo signs and transit advertising displays.
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