Westbourne Investment Advisors Inc. acquired a new stake in Legg Mason Inc (NYSE:LM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,380 shares of the asset manager’s stock, valued at approximately $137,000.
Other hedge funds have also made changes to their positions in the company. Clarkston Capital Partners LLC raised its holdings in Legg Mason by 20.1% in the third quarter. Clarkston Capital Partners LLC now owns 4,461,535 shares of the asset manager’s stock worth $139,334,000 after purchasing an additional 746,434 shares during the period. American Century Companies Inc. acquired a new stake in Legg Mason in the second quarter worth $23,440,000. Algebris UK Ltd acquired a new stake in Legg Mason in the second quarter worth $13,942,000. LSV Asset Management raised its holdings in Legg Mason by 8.1% in the second quarter. LSV Asset Management now owns 4,030,818 shares of the asset manager’s stock worth $139,990,000 after purchasing an additional 302,140 shares during the period. Finally, Millennium Management LLC raised its holdings in Legg Mason by 88.5% in the second quarter. Millennium Management LLC now owns 526,045 shares of the asset manager’s stock worth $18,270,000 after purchasing an additional 247,008 shares during the period. 85.83% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Frances Cashman sold 10,058 shares of the firm’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $31.61, for a total transaction of $317,933.38. Following the sale, the insider now directly owns 72,937 shares in the company, valued at $2,305,538.57. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.33% of the company’s stock.
Shares of NYSE:LM opened at $29.03 on Friday. Legg Mason Inc has a 12 month low of $28.24 and a 12 month high of $47.13. The company has a current ratio of 2.41, a quick ratio of 1.64 and a debt-to-equity ratio of 0.58. The firm has a market cap of $2.56 billion, a P/E ratio of 7.80, a P/E/G ratio of 0.54 and a beta of 1.88.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, July 25th. The asset manager reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). Legg Mason had a return on equity of 8.12% and a net margin of 11.87%. The company had revenue of $747.91 million for the quarter, compared to analyst estimates of $748.72 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The company’s revenue was down 5.8% on a year-over-year basis. Research analysts predict that Legg Mason Inc will post 3.32 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 23rd. Investors of record on Friday, October 5th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.68%. Legg Mason’s payout ratio is 36.56%.
Several research firms have weighed in on LM. Zacks Investment Research lowered shares of Legg Mason from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. Morgan Stanley increased their target price on shares of Legg Mason from $31.00 to $32.00 and gave the stock a “sell” rating in a report on Tuesday, October 9th. Royal Bank of Canada reiterated a “buy” rating and issued a $40.00 target price on shares of Legg Mason in a report on Thursday, July 26th. Wells Fargo & Co cut their target price on shares of Legg Mason from $44.00 to $43.00 and set an “outperform” rating on the stock in a report on Friday, July 13th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $39.00 target price on shares of Legg Mason in a report on Thursday, October 11th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Legg Mason presently has an average rating of “Hold” and an average target price of $43.60.
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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