Mutual of America Capital Management LLC Reduces Position in Lamar Advertising (NASDAQ:LAMR)

Mutual of America Capital Management LLC lowered its stake in Lamar Advertising (NASDAQ:LAMR) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,283 shares of the real estate investment trust’s stock after selling 1,898 shares during the period. Mutual of America Capital Management LLC’s holdings in Lamar Advertising were worth $6,010,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Gilbert & Cook Inc. lifted its position in Lamar Advertising by 4.9% during the 4th quarter. Gilbert & Cook Inc. now owns 4,730 shares of the real estate investment trust’s stock worth $503,000 after acquiring an additional 219 shares during the period. Norges Bank acquired a new stake in shares of Lamar Advertising during the fourth quarter worth about $38,406,000. PNC Financial Services Group Inc. boosted its position in Lamar Advertising by 2.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 57,652 shares of the real estate investment trust’s stock valued at $6,127,000 after buying an additional 1,643 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in Lamar Advertising by 10.9% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,587 shares of the real estate investment trust’s stock worth $381,000 after buying an additional 353 shares during the period. Finally, Balentine LLC purchased a new position in Lamar Advertising during the 4th quarter worth approximately $211,000. 93.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LAMR has been the topic of a number of research reports. TD Cowen increased their price objective on shares of Lamar Advertising from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Citigroup lowered Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 price objective for the company. in a research note on Thursday, July 11th. JPMorgan Chase & Co. upped their target price on Lamar Advertising from $117.00 to $121.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. StockNews.com upgraded Lamar Advertising from a “hold” rating to a “buy” rating in a research report on Friday, May 31st. Finally, Wells Fargo & Company began coverage on Lamar Advertising in a research report on Thursday. They issued an “equal weight” rating and a $132.00 price objective on the stock. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lamar Advertising has a consensus rating of “Hold” and an average price target of $125.00.

Lamar Advertising Stock Performance

NASDAQ LAMR opened at $133.54 on Friday. The stock has a market capitalization of $13.65 billion, a price-to-earnings ratio of 27.42 and a beta of 1.52. The stock has a 50-day moving average of $121.49 and a 200 day moving average of $118.44. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 2.31. Lamar Advertising has a twelve month low of $77.21 and a twelve month high of $134.09.

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

Lamar Advertising Increases Dividend

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

About Lamar Advertising

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.