Lamar Advertising (NASDAQ:LAMR) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

by · The Cerbat Gem

Lamar Advertising (NASDAQ:LAMR – Get Free Report) announced its earnings results on Thursday. The real estate investment trust reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.06, Zacks reports. The business had revenue of $585.54 million for the quarter, compared to analyst estimates of $584.00 million. Lamar Advertising had a return on equity of 41.85% and a net margin of 19.72%.

Lamar Advertising Stock Performance

Lamar Advertising stock traded up $6.38 during midday trading on Friday, reaching $126.35. 1,249,567 shares of the stock traded hands, compared to its average volume of 598,036. Lamar Advertising has a fifty-two week low of $99.84 and a fifty-two week high of $135.91. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 3.45. The firm has a market cap of $12.79 billion, a price-to-earnings ratio of 29.38 and a beta of 1.36. The firm has a fifty day moving average price of $122.45 and a two-hundred day moving average price of $121.25.

Lamar Advertising Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Friday, September 19th were given a $1.55 dividend. The ex-dividend date was Friday, September 19th. This represents a $6.20 annualized dividend and a yield of 4.9%. Lamar Advertising’s dividend payout ratio (DPR) is currently 145.54%.

Insider Buying and Selling at Lamar Advertising

In other news, CFO Jay Lecoryelle Johnson sold 22,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $124.28, for a total transaction of $2,734,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 14.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. State of Wyoming acquired a new stake in Lamar Advertising in the 2nd quarter valued at about $124,000. Smartleaf Asset Management LLC boosted its position in shares of Lamar Advertising by 173.6% in the second quarter. Smartleaf Asset Management LLC now owns 1,067 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 677 shares during the period. Benjamin Edwards Inc. purchased a new position in Lamar Advertising during the 2nd quarter valued at about $228,000. B. Riley Wealth Advisors Inc. acquired a new position in Lamar Advertising in the 2nd quarter valued at approximately $235,000. Finally, Amundi raised its holdings in shares of Lamar Advertising by 224.6% during the second quarter. Amundi now owns 2,048 shares of the real estate investment trust’s stock worth $255,000 after acquiring an additional 1,417 shares in the last quarter. 93.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on Lamar Advertising from $122.00 to $119.00 and set an “equal weight” rating for the company in a research note on Monday, August 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Lamar Advertising in a research report on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price target on shares of Lamar Advertising from $125.00 to $122.00 and set a “neutral” rating for the company in a research note on Monday, August 11th. Finally, Morgan Stanley boosted their price target on Lamar Advertising from $125.00 to $135.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Three equities research 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, Lamar Advertising currently has an average rating of “Moderate Buy” and an average target price of $134.20.

Check Out Our Latest Stock Report on LAMR

About Lamar Advertising

(Get Free Report)

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.

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