Voya Investment Management LLC lessened its stake in shares of Legg Mason, Inc. (NYSE:LM) by 10.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,366 shares of the asset manager’s stock after selling 2,971 shares during the quarter. Voya Investment Management LLC’s holdings in Legg Mason were worth $1,006,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. FNY Partners Fund LP acquired a new stake in shares of Legg Mason during the first quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Legg Mason by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after acquiring an additional 294 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Legg Mason by 23.1% during the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after acquiring an additional 1,100 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in Legg Mason during the first quarter worth about $237,000. Finally, Oppenheimer & Co. Inc. bought a new position in Legg Mason during the first quarter worth about $243,000. Institutional investors and hedge funds own 83.47% of the company’s stock.
Legg Mason, Inc. (NYSE LM) traded up $0.52 on Friday, reaching $38.06. The company had a trading volume of 1,160,900 shares, compared to its average volume of 1,094,865. Legg Mason, Inc. has a fifty-two week low of $29.71 and a fifty-two week high of $42.08. The company has a market capitalization of $3,451.33, a price-to-earnings ratio of 13.08, a PEG ratio of 0.88 and a beta of 2.27. The company has a quick ratio of 1.93, a current ratio of 2.74 and a debt-to-equity ratio of 0.56.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.10. Legg Mason had a return on equity of 7.15% and a net margin of 8.46%. The business had revenue of $768.30 million for the quarter, compared to analyst estimates of $739.47 million. During the same quarter in the prior year, the company posted $0.63 earnings per share. Legg Mason’s revenue was up 2.7% on a year-over-year basis. equities research analysts anticipate that Legg Mason, Inc. will post 2.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Wednesday, December 20th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 annualized dividend and a yield of 2.94%. Legg Mason’s payout ratio is presently 43.75%.
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Several research analysts have weighed in on LM shares. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 target price on shares of Legg Mason in a report on Sunday, August 20th. Royal Bank of Canada reiterated a “buy” rating and set a $47.00 target price on shares of Legg Mason in a report on Friday, July 28th. Deutsche Bank AG started coverage on Legg Mason in a report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price target on the stock. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a report on Friday, September 29th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Legg Mason has an average rating of “Hold” and a consensus target price of $43.10.
Legg Mason Company Profile
Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.
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