Millennium Management LLC Has $14.45 Million Position in Lamar Advertising (NASDAQ:LAMR)

Millennium Management LLC increased its position in shares of Lamar Advertising (NASDAQ:LAMR) by 76.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,674 shares of the real estate investment trust’s stock after purchasing an additional 51,511 shares during the period. Millennium Management LLC owned approximately 0.12% of Lamar Advertising worth $14,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in Lamar Advertising by 11.0% during the 4th quarter. FMR LLC now owns 5,527,270 shares of the real estate investment trust’s stock worth $672,890,000 after acquiring an additional 545,606 shares during the period. Cohen & Steers Inc. increased its stake in Lamar Advertising by 453.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,660,664 shares of the real estate investment trust’s stock worth $323,900,000 after acquiring an additional 2,180,011 shares during the period. Boston Partners increased its stake in Lamar Advertising by 6.7% during the 4th quarter. Boston Partners now owns 2,423,981 shares of the real estate investment trust’s stock worth $295,122,000 after acquiring an additional 152,575 shares during the period. Geode Capital Management LLC increased its stake in Lamar Advertising by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 2,114,001 shares of the real estate investment trust’s stock worth $257,414,000 after acquiring an additional 59,039 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Lamar Advertising by 6.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,497,702 shares of the real estate investment trust’s stock worth $200,093,000 after acquiring an additional 90,933 shares during the period. 93.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on LAMR. Morgan Stanley lowered their price objective on Lamar Advertising from $135.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Citigroup raised their price objective on Lamar Advertising from $121.76 to $128.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. Finally, JPMorgan Chase & Co. lowered their price objective on Lamar Advertising from $129.00 to $126.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $132.60.

Lamar Advertising Trading Down 0.2%

Shares of LAMR opened at $114.65 on Friday. Lamar Advertising has a 52-week low of $99.84 and a 52-week high of $139.88. The business’s fifty day moving average is $112.86 and its 200-day moving average is $121.30. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market cap of $11.74 billion, a price-to-earnings ratio of 32.48 and a beta of 1.38.

Lamar Advertising (NASDAQ:LAMR) last issued its quarterly earnings results on Thursday, May 8th. The real estate investment trust reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.06. Lamar Advertising had a return on equity of 30.20% and a net margin of 16.40%. The company had revenue of $505.43 million for the quarter, compared to analyst estimates of $509.72 million. Equities analysts anticipate that Lamar Advertising will post 7.92 EPS for the current fiscal year.

Lamar Advertising Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $1.55 per share. The ex-dividend date is Monday, June 16th. This represents a $6.20 dividend on an annualized basis and a yield of 5.41%. Lamar Advertising’s dividend payout ratio is currently 150.49%.

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.