DAVENPORT & Co LLC Cuts Holdings in Lamar Advertising Company $LAMR

DAVENPORT & Co LLC lessened its position in Lamar Advertising Company (NASDAQ:LAMR) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 1,423,127 shares of the real estate investment trust’s stock after selling 7,435 shares during the period. Lamar Advertising comprises 0.9% of DAVENPORT & Co LLC’s holdings, making the stock its 19th biggest holding. DAVENPORT & Co LLC’s holdings in Lamar Advertising were worth $172,405,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in shares of Lamar Advertising by 426.0% during the 1st quarter. AQR Capital Management LLC now owns 659,308 shares of the real estate investment trust’s stock valued at $74,340,000 after buying an additional 533,959 shares in the last quarter. Nuveen LLC bought a new position in Lamar Advertising during the first quarter valued at approximately $40,699,000. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Lamar Advertising by 181.7% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 363,949 shares of the real estate investment trust’s stock worth $41,410,000 after acquiring an additional 234,735 shares in the last quarter. Millennium Management LLC raised its stake in shares of Lamar Advertising by 158.6% during the first quarter. Millennium Management LLC now owns 306,887 shares of the real estate investment trust’s stock worth $34,918,000 after acquiring an additional 188,213 shares in the last quarter. Finally, Easterly Investment Partners LLC lifted its holdings in shares of Lamar Advertising by 269.4% in the 1st quarter. Easterly Investment Partners LLC now owns 158,733 shares of the real estate investment trust’s stock worth $18,061,000 after acquiring an additional 115,762 shares during the last quarter. Hedge funds and other institutional investors own 93.78% of the company’s stock.

Lamar Advertising Stock Performance

Shares of NASDAQ LAMR opened at $123.22 on Monday. The firm’s 50-day moving average price is $124.03 and its 200-day moving average price is $119.66. Lamar Advertising Company has a 52-week low of $99.84 and a 52-week high of $139.88. The company has a market cap of $12.47 billion, a PE ratio of 28.66 and a beta of 1.37. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 3.45.

Lamar Advertising (NASDAQ:LAMR) last released its quarterly earnings results on Friday, August 8th. The real estate investment trust reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.74. The firm had revenue of $579.31 million for the quarter, compared to the consensus estimate of $580.72 million. Lamar Advertising had a return on equity of 41.85% and a net margin of 19.72%. Lamar Advertising has set its FY 2025 guidance at 6.090-6.11 EPS. As a group, analysts anticipate that Lamar Advertising Company will post 7.92 EPS for the current year.

Lamar Advertising Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Friday, September 19th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Friday, September 19th. Lamar Advertising’s payout ratio is presently 144.19%.

Insider Activity

In other Lamar Advertising news, CFO Jay Lecoryelle Johnson sold 22,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $124.28, for a total transaction of $2,734,160.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 14.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on LAMR shares. JPMorgan Chase & Co. decreased their target price on shares of Lamar Advertising from $125.00 to $122.00 and set a “neutral” rating on the stock in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Lamar Advertising in a research note on Saturday, September 27th. Morgan Stanley boosted their target price on Lamar Advertising from $125.00 to $135.00 and gave the company an “equal weight” rating in a research note on Monday, August 4th. Finally, Wells Fargo & Company reduced their price target on Lamar Advertising from $122.00 to $119.00 and set an “equal weight” rating on the stock in a research report on Monday, August 11th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $134.20.

Lamar Advertising Company 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.