Kovitz Investment Group Partners LLC trimmed its position in Legg Mason (NYSE:LM) by 8.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,000 shares of the asset manager’s stock after selling 3,100 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Legg Mason were worth $1,343,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Millennium Management LLC increased its holdings in Legg Mason by 269.3% during the 4th quarter. Millennium Management LLC now owns 1,655,666 shares of the asset manager’s stock worth $69,505,000 after purchasing an additional 1,207,280 shares in the last quarter. Meadow Creek Investment Management LLC increased its holdings in Legg Mason by 35.1% during the 4th quarter. Meadow Creek Investment Management LLC now owns 230,248 shares of the asset manager’s stock worth $9,666,000 after purchasing an additional 59,772 shares in the last quarter. GHP Investment Advisors Inc. increased its holdings in Legg Mason by 8.3% during the 4th quarter. GHP Investment Advisors Inc. now owns 40,491 shares of the asset manager’s stock worth $1,700,000 after purchasing an additional 3,119 shares in the last quarter. Paloma Partners Management Co increased its holdings in Legg Mason by 46.7% during the 4th quarter. Paloma Partners Management Co now owns 33,240 shares of the asset manager’s stock worth $1,395,000 after purchasing an additional 10,587 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in Legg Mason by 2,078.8% during the 4th quarter. Two Sigma Investments LP now owns 358,023 shares of the asset manager’s stock worth $15,030,000 after purchasing an additional 341,591 shares in the last quarter. 91.45% of the stock is owned by institutional investors and hedge funds.
LM has been the subject of a number of recent research reports. Zacks Investment Research lowered Legg Mason from a “buy” rating to a “hold” rating in a report on Tuesday, March 27th. Citigroup reissued a “hold” rating and set a $42.00 price objective on shares of Legg Mason in a report on Tuesday, December 26th. Credit Suisse Group lowered Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective for the company. in a report on Wednesday, January 3rd. Royal Bank of Canada boosted their price objective on Legg Mason to $57.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, Bank of America boosted their price objective on Legg Mason from $42.00 to $44.00 and gave the stock an “underperform” rating in a report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Legg Mason has an average rating of “Hold” and an average price target of $47.00.
Shares of NYSE LM opened at $39.52 on Friday. Legg Mason has a twelve month low of $35.86 and a twelve month high of $47.13. The company has a market capitalization of $3,441.64, a PE ratio of 11.90, a price-to-earnings-growth ratio of 0.63 and a beta of 2.05. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.58.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The firm had revenue of $793.10 million for the quarter, compared to the consensus estimate of $777.11 million. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s revenue was up 10.9% compared to the same quarter last year. analysts forecast that Legg Mason will post 3.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be paid a $0.28 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.83%. Legg Mason’s payout ratio is presently 33.73%.
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About Legg Mason
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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