Private Management Group Inc. Sells 4,386 Shares of Lamar Advertising (NASDAQ:LAMR)

Private Management Group Inc. trimmed its position in shares of Lamar Advertising (NASDAQ:LAMR) by 2.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 171,502 shares of the real estate investment trust’s stock after selling 4,386 shares during the period. Private Management Group Inc.’s holdings in Lamar Advertising were worth $22,913,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. increased its position in shares of Lamar Advertising by 444.1% during the third quarter. Blue Trust Inc. now owns 185 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 151 shares during the period. Concord Wealth Partners bought a new position in shares of Lamar Advertising in the 3rd quarter worth approximately $26,000. Whittier Trust Co. raised its position in shares of Lamar Advertising by 144.4% in the 2nd quarter. Whittier Trust Co. now owns 220 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 130 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Lamar Advertising during the first quarter valued at approximately $27,000. Finally, MFA Wealth Advisors LLC purchased a new stake in Lamar Advertising in the second quarter worth $30,000. 93.78% of the stock is currently owned by hedge funds and other institutional investors.

Lamar Advertising Stock Down 0.6 %

Shares of NASDAQ:LAMR traded down $0.75 during trading on Friday, reaching $131.25. 313,931 shares of the stock traded hands, compared to its average volume of 398,661. Lamar Advertising has a 52-week low of $85.82 and a 52-week high of $139.88. The stock has a market cap of $13.43 billion, a P/E ratio of 26.62 and a beta of 1.52. The stock has a 50-day moving average of $130.91 and a two-hundred day moving average of $122.13. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.41 and a current ratio of 0.41.

Lamar Advertising (NASDAQ:LAMR) last announced its quarterly earnings results on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.67). Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. The business had revenue of $565.25 million for the quarter, compared to the consensus estimate of $564.96 million. During the same period in the previous year, the company earned $1.90 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, sell-side analysts expect that Lamar Advertising will post 7.75 earnings per share for the current fiscal year.

Lamar Advertising Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Wednesday, September 18th were given 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 dividend on an annualized basis and a yield of 4.27%. Lamar Advertising’s dividend payout ratio is 113.59%.

Wall Street Analyst Weigh In

Several brokerages have commented on LAMR. Wells Fargo & Company initiated coverage on Lamar Advertising in a research report on Thursday, September 19th. They set an “equal weight” rating and a $132.00 price objective for the company. Citigroup cut shares of Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 price target for the company. in a research report on Thursday, July 11th. 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 note on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on Lamar Advertising from $117.00 to $121.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, StockNews.com raised Lamar Advertising from a “hold” rating to a “buy” rating in a research report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.