Lamar Advertising (NASDAQ:LAMR) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its holdings in shares of Lamar Advertising (NASDAQ:LAMR) by 0.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 16,416 shares of the real estate investment trust’s stock after selling 87 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Lamar Advertising were worth $2,193,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LAMR. Blue Trust Inc. lifted its stake in Lamar Advertising by 444.1% during the third quarter. Blue Trust Inc. now owns 185 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 151 shares during the last quarter. Concord Wealth Partners purchased a new position in Lamar Advertising in the third quarter valued at approximately $26,000. Whittier Trust Co. raised its holdings in Lamar Advertising by 144.4% during the second quarter. Whittier Trust Co. now owns 220 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 130 shares in the last quarter. Assetmark Inc. lifted its position in shares of Lamar Advertising by 109.3% during the 3rd quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 117 shares during the last quarter. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Lamar Advertising in the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 93.78% of the company’s stock.

Lamar Advertising Stock Performance

Shares of LAMR stock opened at $126.35 on Friday. The stock’s 50-day moving average price is $132.11 and its 200 day moving average price is $123.32. The company has a quick ratio of 0.41, a current ratio of 0.56 and a debt-to-equity ratio of 2.48. The stock has a market capitalization of $12.93 billion, a PE ratio of 25.27 and a beta of 1.52. Lamar Advertising has a 52-week low of $95.83 and a 52-week high of $139.88.

Lamar Advertising (NASDAQ:LAMR) last announced its earnings results on Friday, November 8th. The real estate investment trust reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.73). Lamar Advertising had a net margin of 23.46% and a return on equity of 42.58%. The company had revenue of $564.10 million during the quarter, compared to analysts’ expectations of $568.91 million. During the same quarter last year, the business posted $2.04 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities research analysts forecast that Lamar Advertising will post 7.75 EPS for the current year.

Lamar Advertising Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Wednesday, September 18th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $5.60 dividend on an annualized basis and a yield of 4.43%. This is an increase from Lamar Advertising’s previous quarterly dividend of $1.30. Lamar Advertising’s dividend payout ratio is presently 112.00%.

Analyst Ratings Changes

LAMR has been the topic of several research analyst reports. Wells Fargo & Company cut their price target on shares of Lamar Advertising from $132.00 to $124.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Morgan Stanley upped their target price on Lamar Advertising from $125.00 to $135.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. StockNews.com cut Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Monday, November 11th. TD Cowen boosted their price objective on Lamar Advertising from $142.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Lamar Advertising from $117.00 to $121.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $132.40.

About Lamar Advertising

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.