Jericho Capital Asset Management L.P. Buys Shares of 511,000 Lamar Advertising Company (REIT) (NASDAQ:LAMR)

Jericho Capital Asset Management L.P. bought a new stake in shares of Lamar Advertising Company (REIT) (NASDAQ:LAMR) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 511,000 shares of the real estate investment trust’s stock, valued at approximately $47,993,000. Jericho Capital Asset Management L.P. owned approximately 0.51% of Lamar Advertising at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System grew its holdings in shares of Lamar Advertising by 0.4% during the first quarter. Arizona State Retirement System now owns 25,159 shares of the real estate investment trust’s stock worth $2,363,000 after buying an additional 106 shares in the last quarter. Global Retirement Partners LLC lifted its position in Lamar Advertising by 3.0% during the first quarter. Global Retirement Partners LLC now owns 3,656 shares of the real estate investment trust’s stock valued at $343,000 after buying an additional 108 shares in the last quarter. ExodusPoint Capital Management LP lifted its position in Lamar Advertising by 0.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 38,563 shares of the real estate investment trust’s stock valued at $3,209,000 after buying an additional 118 shares in the last quarter. FMA Advisory Inc. lifted its position in Lamar Advertising by 0.4% during the first quarter. FMA Advisory Inc. now owns 43,246 shares of the real estate investment trust’s stock valued at $4,062,000 after buying an additional 159 shares in the last quarter. Finally, Profund Advisors LLC lifted its position in Lamar Advertising by 3.1% during the first quarter. Profund Advisors LLC now owns 6,484 shares of the real estate investment trust’s stock valued at $609,000 after buying an additional 195 shares in the last quarter. Institutional investors and hedge funds own 77.13% of the company’s stock.

A number of research firms have recently commented on LAMR. TheStreet cut shares of Lamar Advertising from a “b” rating to a “c+” rating in a research report on Tuesday, May 4th. Morgan Stanley upped their price target on shares of Lamar Advertising from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, June 11th.

LAMR stock traded down $2.03 during trading on Thursday, hitting $102.46. 1,021 shares of the company’s stock traded hands, compared to its average volume of 452,635. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.29. Lamar Advertising Company has a 52 week low of $59.78 and a 52 week high of $108.75. The firm’s fifty day moving average price is $104.47. The stock has a market cap of $10.36 billion, a PE ratio of 20.09 and a beta of 1.48.

Lamar Advertising (NASDAQ:LAMR) last released its quarterly earnings results on Monday, May 3rd. The real estate investment trust reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $370.90 million during the quarter, compared to analyst estimates of $358.00 million. Lamar Advertising had a net margin of 15.73% and a return on equity of 20.76%. The company’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. As a group, equities analysts forecast that Lamar Advertising Company will post 6.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Stockholders of record on Monday, June 21st were given a dividend of $0.75 per share. The ex-dividend date was Friday, June 18th. This represents a $3.00 annualized dividend and a dividend yield of 2.93%. Lamar Advertising’s dividend payout ratio is currently 58.82%.

Lamar Advertising Company Profile

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 357,500 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day.

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Institutional Ownership by Quarter for Lamar Advertising (NASDAQ:LAMR)

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