Cornerstone Capital Management Holdings LLC. decreased its holdings in Legg Mason (NYSE:LM) by 15.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 437,375 shares of the asset manager’s stock after selling 77,437 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned approximately 0.52% of Legg Mason worth $18,360,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Advisors Preferred LLC acquired a new position in Legg Mason in the fourth quarter valued at $162,000. Bessemer Group Inc. lifted its holdings in Legg Mason by 219.1% in the fourth quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock valued at $189,000 after buying an additional 3,089 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Legg Mason by 47.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock valued at $198,000 after buying an additional 1,518 shares during the period. Murphy Pohlad Asset Management LLC acquired a new position in Legg Mason in the fourth quarter valued at $205,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in Legg Mason in the third quarter valued at $224,000. 91.45% of the stock is currently owned by institutional investors.
Several equities analysts have recently weighed in on the stock. Royal Bank of Canada set a $49.00 price objective on shares of Legg Mason and gave the company a “buy” rating in a report on Friday, December 15th. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a report on Tuesday, December 26th. Morgan Stanley upped their price objective on shares of Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a report on Tuesday, January 30th. Deutsche Bank dropped their price objective on shares of Legg Mason from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, March 6th. Finally, Credit Suisse Group lowered shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a report on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $47.00.
LM stock traded down $1.01 during trading on Friday, reaching $39.52. The stock had a trading volume of 512,060 shares, compared to its average volume of 713,019. Legg Mason has a one year low of $35.86 and a one year high of $47.13. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.41 and a current ratio of 1.98. The company has a market capitalization of $3,426.42, a price-to-earnings ratio of 11.99, a PEG ratio of 0.63 and a beta of 2.05.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, January 24th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.18. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The business had revenue of $793.10 million during the quarter, compared to the consensus estimate of $777.11 million. During the same period in the prior year, the firm posted $0.50 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. sell-side analysts forecast that Legg Mason will post 3.65 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s dividend payout ratio is currently 33.73%.
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Legg Mason Company Profile
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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