Christian Leone is Bullish on Lamar Advertising Co (LAMR) and Raises Stake to 5%

Christian Leone and Luxor Capital Group have boosted their stake in Lamar Advertising Co (NASDAQ:LAMR), a new filing with the SEC shows. Luxor revealed a holding which contains over 4.07 million shares of Lamar, versus 2.43 million shares reported earlier. Following the increase, Luxor holds slightly above 5% of the company’s class A common stock, up from 3% disclosed earlier.

Christian Leone

Lamar Advertising Co (NASDAQ:LAMR) is a U.S. based company engaged primarily in outdoor advertising. With a market cap of over $5.0 billion, Lamar is one of the largest advertising agencies in the U.S. Moreover, its trailing P/E of 125.xx, is one of the highest in the industry of advertising agencies and is well above the industry average of around 25. In addition, the stock trades at a forward P/E of approximately 36, and its average recommendation is ‘Overweight,’ all of which could support Mr. Leone’s latest bet.

The company also reported solid financial results for the past year. Its revenues edged up by almost 6% on the year to $1.25 billion and the net income surged to $40.1 million, from $7.9 million in 2012. At the beginning of the year, Lamar Advertising Co (NASDAQ:LAMR)’s wholly owned subsidiary Lamar Media Corp issued a private placement of $510 million worth of 5 3/8% senior Notes due 2024, for net proceeds valued at around $502.3 million. According to a press release, Lamar Media will use the proceeds to repay its outstanding senior credit facility and corporate purposes.

According to its latest 13F filing, Luxor Capital Group has raised its exposure to Lamar Advertising Co (NASDAQ:LAMR) by around 32% during the last quarter of 2013. Alec Litowitz and Ross Lase‘s Magnetar Capital has also been bullish on the company and surged its stake by 140% to 1.98 million shares as at the end of 2013. However, another significant shareholder, Perry Capital, managed by Richard Perry, lowered its position by over 30% and reported owning 4.3 million shares of Lamar Advertising in its latest 13F.

Yesterday, Luxor Capital Group also revealed raising its stake in BJ’s Restaurants, Inc. (NASDAQ:BJRI) to 11.3% of the stock, the position now containing 3.20 million shares. Earlier this month, the fund added CONN’S, Inc. (NASDAQ:CONN) to its equity portfolio, disclosing ownership of 2.0 million shares, equal to 5.6% of the outstanding stock.

Disclosure: none

Recommended Reading:

Luxor Capital Group Raises Stake and Goes Activist on BJ’s Restaurants, Inc. (BJRI)

Luxor Capital Group Reveals New 6.1% Stake in AMC Entertainment Holdings Inc (AMC)

Billionaire Richard Perry’s Latest Stock Picks: American International Group Inc (AIG), NRG Energy Inc (NRG) & Others

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!