Pioneer Investment Management Inc. decreased its stake in Lamar Advertising Company (NASDAQ:LAMR) by 22.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 106,808 shares of the real estate investment trust’s stock after selling 30,775 shares during the period. Pioneer Investment Management Inc.’s holdings in Lamar Advertising were worth $7,858,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in LAMR. BlackRock Inc. increased its stake in Lamar Advertising by 16,176.3% in the first quarter. BlackRock Inc. now owns 7,078,578 shares of the real estate investment trust’s stock valued at $529,055,000 after buying an additional 7,035,088 shares during the period. Vanguard Group Inc. increased its stake in Lamar Advertising by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,602,786 shares of the real estate investment trust’s stock valued at $493,493,000 after buying an additional 204,052 shares during the period. Bank of New York Mellon Corp increased its stake in Lamar Advertising by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 2,208,793 shares of the real estate investment trust’s stock valued at $165,085,000 after buying an additional 127,561 shares during the period. State Street Corp increased its stake in Lamar Advertising by 2.2% in the first quarter. State Street Corp now owns 2,166,811 shares of the real estate investment trust’s stock valued at $161,945,000 after buying an additional 46,863 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Lamar Advertising by 40,414.9% in the first quarter. Victory Capital Management Inc. now owns 1,326,053 shares of the real estate investment trust’s stock valued at $99,109,000 after buying an additional 1,322,780 shares during the period. Institutional investors own 85.94% of the company’s stock.

Lamar Advertising Company (LAMR) opened at 65.13 on Friday. Lamar Advertising Company has a 52-week low of $58.68 and a 52-week high of $79.09.

Lamar Advertising (NASDAQ:LAMR) last released its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by $0.37. Lamar Advertising had a net margin of 19.75% and a return on equity of 28.21%. The business had revenue of $397.10 million during the quarter, compared to analyst estimates of $399.09 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. Equities research analysts forecast that Lamar Advertising Company will post $3.12 EPS for the current fiscal year.

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LAMR has been the subject of several recent analyst reports. Zacks Investment Research downgraded Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. ValuEngine upgraded Lamar Advertising from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. BidaskClub downgraded Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. Loop Capital reiterated a “buy” rating and set a $87.00 price target on shares of Lamar Advertising in a research note on Friday, June 9th. Finally, MKM Partners cut their price objective on Lamar Advertising from $72.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Lamar Advertising has an average rating of “Hold” and a consensus target price of $73.40.

In other news, Director Stephen P. Mumblow sold 20,000 shares of Lamar Advertising stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $70.61, for a total value of $1,412,200.00. Following the completion of the sale, the director now directly owns 5,970 shares in the company, valued at $421,541.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 18.66% of the stock is currently owned by insiders.

About Lamar Advertising

Lamar Advertising Company is an outdoor advertising company in the United States. The Company operates in the advertising segment. The Company sells advertising on billboards, buses, shelters, benches and logo plates. It operates three types of outdoor advertising displays: billboards, logo signs and transit advertising displays.

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

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