Lamar Advertising Co. (LAMR) Shares Gap Up to $67.66
Lamar Advertising Co. (NASDAQ:LAMR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $67.64, but opened at $67.66. Lamar Advertising shares last traded at $67.81, with a volume of 229,327 shares trading hands.
Several research firms have commented on LAMR. MKM Partners increased 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. Zacks Investment Research upgraded shares of Lamar Advertising from a “hold” rating to a “strong-buy” rating and set a $71.00 price objective for the company in a research report on Wednesday, April 20th. Finally, Citigroup Inc. lowered shares of Lamar Advertising from a “buy” rating to a “neutral” rating in a research report on Monday, March 28th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $66.71.
The company has a market cap of $6.64 billion and a P/E ratio of 24.24. The company has a 50-day moving average of $65.11 and a 200-day moving average of $60.78.
Lamar Advertising (NASDAQ:LAMR) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.47 by $0.48. During the same period in the previous year, the firm posted $0.42 EPS. The company earned $338.50 million during the quarter, compared to analysts’ expectations of $333.25 million. Lamar Advertising’s revenue was up 11.9% compared to the same quarter last year. On average, analysts forecast that Lamar Advertising Co. will post $3.11 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 16th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend was Tuesday, June 14th.
In related news, Director Stephen P. Mumblow sold 10,000 shares of the business’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $63.50, for a total value of $635,000.00. Following the completion of the sale, the director now owns 30,970 shares of the company’s stock, valued at approximately $1,966,595. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Keith A. Istre sold 8,918 shares of the business’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 completion of the sale, the chief financial officer now directly owns 135,117 shares of the company’s stock, valued at approximately $8,575,875.99. The disclosure for this sale can be found here.
A number of large investors recently modified their holdings of LAMR. Principal Financial Group Inc. raised 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 valued at $22,740,000 after buying an additional 123,574 shares during the last quarter. Morgan Stanley raised its stake in Lamar Advertising by 3.7% in the fourth quarter. Morgan Stanley now owns 626,899 shares of the company’s stock worth $37,601,000 after buying an additional 22,506 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in Lamar Advertising by 1.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 55,630 shares of the company’s stock worth $3,337,000 after buying an additional 997 shares during the last quarter. GSA Capital Partners LLP raised its stake in Lamar Advertising by 69.0% in the fourth quarter. GSA Capital Partners LLP now owns 63,610 shares of the company’s stock worth $3,815,000 after buying an additional 25,971 shares during the last quarter. Finally, Liberty Mutual Group Asset Management Inc. raised its stake in 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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