Norges Bank Makes New $104.71 Million Investment in Lamar Advertising Company $LAMR

Key Points

• Norges Bank opened a new position in Lamar Advertising, buying 827,182 shares valued at about $104.7 million and ending with a 0.82% stake in the company.
• Lamar Advertising reported better-than-expected quarterly results, posting EPS of $1.00 versus the $0.82 estimate and revenue of $528 million, while analysts expect full-year EPS of 8.41.
• The company declared a quarterly dividend of $1.60 per share, or $6.40 annually, for a 4.2% yield; meanwhile, analysts currently rate the stock a Moderate Buy with an average target price of $148.

Norges Bank bought a new position in Lamar Advertising Company (NASDAQ:LAMR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 827,182 shares of the real estate investment trust's stock, valued at approximately $104,705,000. Norges Bank owned 0.82% of Lamar Advertising at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in LAMR. Eurizon Capital SGR S.p.A. bought a new position in shares of Lamar Advertising in the fourth quarter valued at $129,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Lamar Advertising by 11.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 11,917 shares of the real estate investment trust's stock valued at $1,508,000 after buying an additional 1,184 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Lamar Advertising by 3,390.6% in the fourth quarter. Intech Investment Management LLC now owns 105,556 shares of the real estate investment trust's stock valued at $13,361,000 after buying an additional 102,532 shares in the last quarter. Baker Avenue Asset Management LP increased its holdings in shares of Lamar Advertising by 94.1% in the fourth quarter. Baker Avenue Asset Management LP now owns 3,811 shares of the real estate investment trust's stock valued at $482,000 after buying an additional 1,848 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Lamar Advertising by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,382,137 shares of the real estate investment trust's stock valued at $301,573,000 after buying an additional 32,542 shares in the last quarter. 93.78% of the stock is currently owned by institutional investors and hedge funds.

Lamar Advertising Price Performance

Shares of NASDAQ:LAMR opened at $151.42 on Friday. The company's fifty day moving average is $140.46 and its two-hundred day moving average is $134.10. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 3.33. Lamar Advertising Company has a 12-month low of $113.66 and a 12-month high of $158.69. The company has a market cap of $15.36 billion, a P/E ratio of 27.94 and a beta of 1.20.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its earnings results on Thursday, May 7th. The real estate investment trust reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.18. Lamar Advertising had a net margin of 24.01% and a return on equity of 55.53%. The company had revenue of $528.00 million for the quarter, compared to the consensus estimate of $522.86 million. Equities analysts expect that Lamar Advertising Company will post 8.41 earnings per share for the current fiscal year.

Lamar Advertising Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, June 16th. Lamar Advertising's payout ratio is 118.08%.

Insider Transactions at Lamar Advertising

In other Lamar Advertising news, EVP Ross Lamar Reilly sold 5,969 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $128.65, for a total transaction of $767,911.85. Following the sale, the executive vice president directly owned 15,850 shares of the company's stock, valued at $2,039,102.50. The trade was a 27.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 15.24% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on LAMR. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Lamar Advertising in a report on Friday, May 22nd. TD Cowen upped their price target on Lamar Advertising from $150.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Wells Fargo & Company upped their price target on Lamar Advertising from $136.00 to $150.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Morgan Stanley set a $145.00 price target on Lamar Advertising in a report on Thursday, May 7th. Finally, UBS Group set a $150.00 price target on Lamar Advertising in a report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Lamar Advertising has an average rating of "Moderate Buy" and an average target price of $148.00.

Lamar Advertising Company Profile

Lamar Advertising Company NASDAQ: LAMR is one of North America's largest outdoor advertising firms, specializing in out-of-home media solutions. Since its founding in 1902, the company has grown through a combination of organic expansion and strategic acquisitions to offer a broad portfolio of advertising products. Its core business centers on billboard advertising, encompassing traditional static billboards and a rapidly expanding network of digital displays. These assets enable advertisers to reach consumers with high-impact messaging along highways, in urban centers, and at high-traffic intersections.

In addition to highway billboards, Lamar offers a variety of supplemental out-of-home formats, including transit advertising on buses and shelters, and logo signage at travel plazas and gas stations.

Want to see what other hedge funds are holding LAMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lamar Advertising Company (NASDAQ:LAMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.