Quantitative Investment Management LLC raised its holdings in Legg Mason (NYSE:LM) by 167.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,500 shares of the asset manager’s stock after purchasing an additional 44,100 shares during the quarter. Quantitative Investment Management LLC owned 0.08% of Legg Mason worth $2,959,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Nationwide Fund Advisors grew its stake in shares of Legg Mason by 2.0% in the third quarter. Nationwide Fund Advisors now owns 160,851 shares of the asset manager’s stock valued at $6,323,000 after buying an additional 3,170 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Legg Mason during the 3rd quarter worth $224,000. Crossmark Global Holdings Inc. acquired a new position in Legg Mason during the 3rd quarter worth $525,000. Prudential Financial Inc. grew its stake in Legg Mason by 2.4% during the 3rd quarter. Prudential Financial Inc. now owns 67,823 shares of the asset manager’s stock worth $2,666,000 after purchasing an additional 1,610 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Legg Mason by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 373,655 shares of the asset manager’s stock worth $14,688,000 after purchasing an additional 8,920 shares in the last quarter. Institutional investors own 91.45% of the company’s stock.
Shares of LM traded down $1.01 on Friday, reaching $39.52. The stock had a trading volume of 512,060 shares, compared to its average volume of 713,019. The stock has a market cap of $3,341.02, a P/E ratio of 11.90, a P/E/G ratio of 0.62 and a beta of 2.05. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.98 and a quick ratio of 1.41. Legg Mason has a twelve month low of $35.86 and a twelve month high of $47.13.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, January 24th. The asset manager reported $1.58 EPS for the quarter, beating 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 analysts’ expectations of $777.11 million. During the same quarter in the prior year, the firm earned $0.50 EPS. Legg Mason’s quarterly revenue was up 10.9% on a year-over-year basis. research analysts expect that Legg Mason will post 3.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is currently 33.73%.
Several research firms recently commented on LM. Deutsche Bank boosted their target price on Legg Mason from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup reaffirmed a “neutral” rating and set a $50.00 price target (up from $49.00) on shares of Legg Mason in a report on Thursday, January 25th. Jefferies Group downgraded Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Zacks Investment Research raised Legg Mason from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a report on Tuesday, April 3rd. Finally, Royal Bank of Canada set a $49.00 price objective on Legg Mason and gave the company a “buy” rating in a research note on Friday, December 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $47.00.
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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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