Kayne Anderson Rudnick Investment Management LLC Trims Holdings in Lamar Advertising (NASDAQ:LAMR)

Kayne Anderson Rudnick Investment Management LLC trimmed its position in Lamar Advertising (NASDAQ:LAMR) by 6.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,838 shares of the real estate investment trust’s stock after selling 5,912 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.09% of Lamar Advertising worth $11,097,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Gilbert & Cook Inc. raised its holdings in shares of Lamar Advertising by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 4,730 shares of the real estate investment trust’s stock valued at $503,000 after acquiring an additional 219 shares in the last quarter. Norges Bank acquired a new position in Lamar Advertising in the 4th quarter valued at $38,406,000. D.A. Davidson & CO. acquired a new stake in shares of Lamar Advertising in the 4th quarter worth $212,000. Franklin Resources Inc. increased its stake in shares of Lamar Advertising by 94.5% in the 4th quarter. Franklin Resources Inc. now owns 62,390 shares of the real estate investment trust’s stock worth $6,631,000 after acquiring an additional 30,311 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Lamar Advertising by 16.9% during the 4th quarter. Hsbc Holdings PLC now owns 38,544 shares of the real estate investment trust’s stock worth $4,091,000 after purchasing an additional 5,571 shares during the period. 93.78% of the stock is owned by hedge funds and other institutional investors.

Lamar Advertising Stock Performance

Shares of NASDAQ:LAMR opened at $133.54 on Monday. Lamar Advertising has a 12 month low of $77.21 and a 12 month high of $134.09. The business has a 50-day moving average of $121.49 and a two-hundred day moving average of $118.45. 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 firm has a market capitalization of $13.65 billion, a PE ratio of 27.42 and a beta of 1.52.

Lamar Advertising (NASDAQ:LAMR) last issued 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). 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 during the quarter, compared to analysts’ expectations of $564.96 million. During the same period in the prior year, the company posted $1.90 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, research analysts forecast that Lamar Advertising will post 7.75 earnings per share for the current year.

Lamar Advertising Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Wednesday, September 18th will be given a $1.40 dividend. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.30. This represents a $5.60 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Wednesday, September 18th. Lamar Advertising’s dividend payout ratio (DPR) is currently 114.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. StockNews.com upgraded Lamar Advertising from a “hold” rating to a “buy” rating in a report on Friday, May 31st. Wells Fargo & Company started coverage on Lamar Advertising in a research report on Thursday. They set an “equal weight” rating and a $132.00 price target on the stock. TD Cowen lifted their target price on Lamar Advertising from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Citigroup downgraded Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 target price on the stock. in a research note on Thursday, July 11th. Finally, JPMorgan Chase & Co. lifted their price target on Lamar Advertising from $117.00 to $121.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.