Gabelli Funds LLC Decreases Stock Holdings in Lamar Advertising (NASDAQ:LAMR)

Gabelli Funds LLC reduced its holdings in shares of Lamar Advertising (NASDAQ:LAMR) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,900 shares of the real estate investment trust’s stock after selling 500 shares during the quarter. Gabelli Funds LLC’s holdings in Lamar Advertising were worth $6,443,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of LAMR. Wellington Management Group LLP purchased a new stake in shares of Lamar Advertising during the 4th quarter worth approximately $111,255,000. Morningstar Investment Services LLC grew its holdings in Lamar Advertising by 97.6% during the fourth quarter. Morningstar Investment Services LLC now owns 913,833 shares of the real estate investment trust’s stock valued at $98,347,000 after purchasing an additional 451,429 shares during the period. Massachusetts Financial Services Co. MA increased its position in Lamar Advertising by 81.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 937,440 shares of the real estate investment trust’s stock worth $112,052,000 after buying an additional 420,311 shares during the last quarter. Norges Bank bought a new stake in shares of Lamar Advertising in the fourth quarter valued at $38,406,000. Finally, Centersquare Investment Management LLC raised its stake in shares of Lamar Advertising by 1,252.8% in the fourth quarter. Centersquare Investment Management LLC now owns 340,181 shares of the real estate investment trust’s stock valued at $36,154,000 after buying an additional 315,034 shares during the period. Hedge funds and other institutional investors own 93.78% of the company’s stock.

Lamar Advertising Stock Up 0.3 %

Shares of NASDAQ:LAMR opened at $135.58 on Wednesday. The firm has a fifty day moving average price of $122.15 and a two-hundred day moving average price of $118.68. The company has a market cap of $13.86 billion, a price-to-earnings ratio of 27.84 and a beta of 1.52. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.41 and a quick ratio of 0.41. Lamar Advertising has a one year low of $77.21 and a one year high of $137.40.

Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings data on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.67). The business had revenue of $565.25 million for the quarter, compared to the consensus estimate of $564.96 million. Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. Lamar Advertising’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.90 EPS. Analysts anticipate that Lamar Advertising will post 7.75 EPS for the current fiscal year.

Lamar Advertising Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Wednesday, September 18th will be issued a dividend of $1.40 per share. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $5.60 annualized dividend and a dividend yield of 4.13%. Lamar Advertising’s payout ratio is presently 114.99%.

Analyst Ratings Changes

Several brokerages recently weighed in on LAMR. StockNews.com raised Lamar Advertising from a “hold” rating to a “buy” rating in a report on Friday, May 31st. Wells Fargo & Company initiated coverage on shares of Lamar Advertising in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $132.00 price target on the stock. TD Cowen raised their price objective on shares of Lamar Advertising from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. boosted their target price on shares of Lamar Advertising from $117.00 to $121.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Citigroup downgraded Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 target price on the stock. in a research report on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $125.00.

Lamar Advertising Profile

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.