Lamar Advertising Co. (LAMR) Sets New 12-Month High at $68.75
Shares of Lamar Advertising Co. (NASDAQ:LAMR) hit a new 52-week high during trading on Wednesday . The stock traded as high as $68.75 and last traded at $68.47, with a volume of 179,527 shares trading hands. The stock had previously closed at $68.44.
Several analysts have recently commented on LAMR shares. Zacks Investment Research upgraded shares of Lamar Advertising from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Monday, July 4th. Gabelli downgraded shares of Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Thursday. MKM Partners raised their price objective on shares of Lamar Advertising from $57.00 to $65.00 and gave the company a “neutral” rating in a research report on Thursday, May 5th. Finally, Citigroup Inc. downgraded shares of Lamar Advertising from a “buy” rating to a “neutral” rating in a research report on Monday, March 28th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $66.71.
The company has a market capitalization of $6.64 billion and a P/E ratio of 24.22. The firm’s 50 day moving average price is $65.32 and its 200 day moving average price is $60.89.
Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings data on Thursday, May 5th. The company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.48. During the same quarter in the prior year, the company posted $0.42 earnings per share. The company had revenue of $338.50 million for the quarter, compared to analyst estimates of $333.25 million. The business’s revenue was up 11.9% on a year-over-year basis. Equities research analysts forecast that Lamar Advertising Co. will post $3.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Tuesday, June 14th.
In other Lamar Advertising news, Director Stephen P. Mumblow sold 10,000 shares of the company’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith A. Istre sold 8,918 shares of the company’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of $63.47, for a total transaction of $566,025.46. Following the transaction, the chief financial officer now owns 135,117 shares of the company’s stock, valued at $8,575,875.99. The disclosure for this sale can be found here.
Several large investors have modified their holdings of LAMR. Schroder Investment Management Group boosted its stake in shares of Lamar Advertising by 191.9% in the fourth quarter. Schroder Investment Management Group now owns 507,700 shares of the company’s stock worth $30,452,000 after buying an additional 333,800 shares during the period. Vanguard Group Inc. boosted its stake in shares of Lamar Advertising by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,330,299 shares of the company’s stock worth $379,691,000 after buying an additional 239,560 shares during the period. WBI Investments Inc. acquired a new stake in shares of Lamar Advertising during the fourth quarter worth approximately $13,828,000. Principal Financial Group Inc. boosted its stake in shares of Lamar Advertising by 48.4% in the fourth quarter. Principal Financial Group Inc. now owns 379,121 shares of the company’s stock worth $22,740,000 after buying an additional 123,574 shares during the period. Finally, Jennison Associates acquired a new stake in shares of Lamar Advertising during the third quarter worth approximately $2,564,000.
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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