New York State Teachers Retirement System cut its position in Lamar Advertising (NASDAQ:LAMR - Free Report) by 8.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 111,775 shares of the real estate investment trust's stock after selling 10,800 shares during the period. New York State Teachers Retirement System owned about 0.11% of Lamar Advertising worth $14,933,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of LAMR. Foundations Investment Advisors LLC increased its position in shares of Lamar Advertising by 2.2% during the third quarter. Foundations Investment Advisors LLC now owns 3,744 shares of the real estate investment trust's stock worth $500,000 after acquiring an additional 80 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Lamar Advertising by 0.7% during the third quarter. Private Advisor Group LLC now owns 11,798 shares of the real estate investment trust's stock worth $1,576,000 after acquiring an additional 82 shares in the last quarter. Jamison Private Wealth Management Inc. increased its position in shares of Lamar Advertising by 6.6% during the third quarter. Jamison Private Wealth Management Inc. now owns 1,349 shares of the real estate investment trust's stock worth $180,000 after acquiring an additional 84 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Lamar Advertising by 1.0% during the third quarter. Global Retirement Partners LLC now owns 9,945 shares of the real estate investment trust's stock worth $1,329,000 after acquiring an additional 97 shares in the last quarter. Finally, SPC Financial Inc. increased its position in shares of Lamar Advertising by 3.6% during the first quarter. SPC Financial Inc. now owns 3,003 shares of the real estate investment trust's stock worth $359,000 after acquiring an additional 103 shares in the last quarter. 93.78% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on LAMR shares. Citigroup downgraded shares of Lamar Advertising from a "buy" rating to a "neutral" rating and set a $122.00 target price for the company. in a research report on Thursday, July 11th. StockNews.com raised shares of Lamar Advertising from a "hold" rating to a "buy" rating in a research report on Friday, October 18th. Wells Fargo & Company started coverage on shares of Lamar Advertising in a research report on Thursday, September 19th. They issued an "equal weight" rating and a $132.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of Lamar Advertising from $117.00 to $121.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Finally, TD Cowen raised their target price on shares of Lamar Advertising from $135.00 to $140.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Lamar Advertising presently has a consensus rating of "Hold" and a consensus target price of $125.00.
Read Our Latest Analysis on Lamar Advertising
Shares of LAMR stock opened at $131.25 on Friday. The stock has a market cap of $13.43 billion, a P/E ratio of 26.62 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. The company has a fifty day moving average price of $130.91 and a two-hundred day moving average price of $122.21. Lamar Advertising has a one year low of $85.82 and a one year high of $139.88.
Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The real estate investment trust reported $1.34 EPS for the quarter, missing analysts' consensus estimates of $2.01 by ($0.67). The firm had revenue of $565.25 million during the quarter, compared to analyst estimates of $564.96 million. Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. The business's revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.90 EPS. As a group, equities analysts predict that Lamar Advertising will post 7.75 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Wednesday, September 18th were issued a dividend of $1.40 per share. This is an increase from Lamar Advertising's previous quarterly dividend of $1.30. The ex-dividend date was Wednesday, September 18th. This represents a $5.60 annualized dividend and a dividend yield of 4.27%. Lamar Advertising's payout ratio is presently 113.59%.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Lamar Advertising, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lamar Advertising wasn't on the list.
While Lamar Advertising currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.