Lamar Advertising Co. (LAMR) Reaches New 1-Year High at $67.73
Lamar Advertising Co. (NASDAQ:LAMR)’s share price reached a new 52-week high on Friday . The stock traded as high as $67.73 and last traded at $67.73, with a volume of 213,085 shares trading hands. The stock had previously closed at $66.73.
Several research firms have recently weighed in on LAMR. MKM Partners increased their price target on Lamar Advertising from $57.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, May 5th. Zacks Investment Research cut Lamar Advertising from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, Citigroup Inc. lowered Lamar Advertising from a “buy” rating to a “neutral” rating in a research note on Monday, March 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $66.71.
The stock has a 50 day moving average price of $64.39 and a 200 day moving average price of $60.39. The firm has a market capitalization of $6.57 billion and a price-to-earnings ratio of 23.96.
Lamar Advertising (NASDAQ:LAMR) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.48. The firm earned $338.50 million during the quarter, compared to analysts’ expectations of $333.25 million. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. Equities research analysts expect that Lamar Advertising Co. will post $3.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date was Tuesday, June 14th.
In related news, CFO Keith A. Istre sold 8,918 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen P. Mumblow sold 10,000 shares of the 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.
Several hedge funds and institutional investors recently bought and sold shares of LAMR. Jennison Associates bought a new position in Lamar Advertising during the third quarter worth approximately $2,564,000. Russell Frank Co increased its position in 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 period. California State Teachers Retirement System increased its position in Lamar Advertising by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 150,037 shares of the company’s stock worth $8,999,000 after buying an additional 2,332 shares during the period. Sei Investments Co. increased its position in Lamar Advertising by 4.4% in the fourth quarter. Sei Investments Co. now owns 21,757 shares of the company’s stock worth $1,305,000 after buying an additional 924 shares during the period. Finally, First Trust Advisors LP increased its position in Lamar Advertising by 42.7% in the fourth quarter. First Trust Advisors LP now owns 37,280 shares of the company’s stock worth $2,236,000 after buying an additional 11,148 shares during the period.
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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