Fred Alger Management Inc. trimmed its position in Lamar Advertising (NASDAQ:LAMR) by 24.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,290 shares of the real estate investment trust’s stock after selling 5,495 shares during the period. Fred Alger Management Inc.’s holdings in Lamar Advertising were worth $1,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC increased its position in shares of Lamar Advertising by 209.3% in the 4th quarter. Advisory Services Network LLC now owns 2,038 shares of the real estate investment trust’s stock valued at $151,000 after acquiring an additional 1,379 shares during the period. San Francisco Sentry Investment Group CA acquired a new position in shares of Lamar Advertising in the 3rd quarter valued at $164,000. Argent Trust Co acquired a new position in shares of Lamar Advertising in the 3rd quarter valued at $207,000. TradeLink Capital LLC acquired a new position in shares of Lamar Advertising in the 4th quarter valued at $208,000. Finally, HL Financial Services LLC acquired a new position in shares of Lamar Advertising in the 4th quarter valued at $212,000. 84.45% of the stock is currently owned by hedge funds and other institutional investors.
In other Lamar Advertising news, Director Stephen P. Mumblow sold 4,000 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $78.33, for a total transaction of $313,320.00. Following the sale, the director now directly owns 11,031 shares of the company’s stock, valued at approximately $864,058.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 14.70% of the stock is currently owned by company insiders.
Lamar Advertising (NASDAQ:LAMR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.37). The company had revenue of $398.50 million for the quarter, compared to analyst estimates of $395.71 million. Lamar Advertising had a return on equity of 29.41% and a net margin of 20.61%. Lamar Advertising’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. equities analysts anticipate that Lamar Advertising will post 5.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Monday, March 19th will be given a dividend of $0.91 per share. This is an increase from Lamar Advertising’s previous quarterly dividend of $0.83. This represents a $3.64 annualized dividend and a yield of 5.44%. The ex-dividend date of this dividend is Friday, March 16th. Lamar Advertising’s dividend payout ratio (DPR) is currently 103.11%.
Several research firms recently issued reports on LAMR. BidaskClub raised Lamar Advertising from a “hold” rating to a “buy” rating in a research report on Thursday, December 7th. Citigroup downgraded Lamar Advertising from a “neutral” rating to a “sell” rating and set a $68.00 target price on the stock. in a research report on Wednesday, December 20th. Zacks Investment Research downgraded Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. ValuEngine downgraded Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, MKM Partners upped their target price on Lamar Advertising from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Thursday, March 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Lamar Advertising has a consensus rating of “Hold” and an average target price of $73.25.
About Lamar Advertising
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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