James Investment Research Inc. lowered its holdings in shares of Legg Mason Inc (NYSE:LM) by 64.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,080 shares of the asset manager’s stock after selling 58,826 shares during the quarter. James Investment Research Inc.’s holdings in Legg Mason were worth $1,033,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Systematic Financial Management LP grew its stake in shares of Legg Mason by 23.4% during the 2nd quarter. Systematic Financial Management LP now owns 411,325 shares of the asset manager’s stock valued at $14,285,000 after acquiring an additional 77,994 shares during the period. Maltese Capital Management LLC grew its stake in shares of Legg Mason by 53.8% during the 2nd quarter. Maltese Capital Management LLC now owns 125,000 shares of the asset manager’s stock valued at $4,341,000 after acquiring an additional 43,700 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Legg Mason during the 2nd quarter valued at approximately $142,000. Strs Ohio bought a new position in shares of Legg Mason during the 2nd quarter valued at approximately $390,000. Finally, Natixis bought a new position in shares of Legg Mason during the 2nd quarter valued at approximately $1,531,000. 86.91% of the stock is owned by hedge funds and other institutional investors.
LM stock opened at $28.28 on Monday. Legg Mason Inc has a 1-year low of $26.10 and a 1-year high of $47.13. The company has a quick ratio of 1.64, a current ratio of 2.41 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 7.60, a price-to-earnings-growth ratio of 0.49 and a beta of 1.72.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, October 24th. The asset manager reported $0.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.01). Legg Mason had a return on equity of 8.07% and a net margin of 11.81%. The business had revenue of $758.43 million during the quarter, compared to the consensus estimate of $755.29 million. On average, sell-side analysts expect that Legg Mason Inc will post 3.28 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Wednesday, December 19th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, December 18th. This represents a $1.36 annualized dividend and a yield of 4.81%. Legg Mason’s payout ratio is 36.56%.
A number of brokerages recently issued reports on LM. Morgan Stanley cut their price objective on Legg Mason from $39.00 to $34.00 and set an “underweight” rating for the company in a research note on Thursday, July 12th. Royal Bank of Canada reiterated a “buy” rating and set a $40.00 price objective on shares of Legg Mason in a research note on Thursday, July 26th. Wells Fargo & Co cut their price objective on Legg Mason from $44.00 to $43.00 and set an “outperform” rating for the company in a research note on Friday, July 13th. Jefferies Financial Group restated a “hold” rating and issued a $39.00 price target on shares of Legg Mason in a research note on Thursday, October 11th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $33.00 price target on shares of Legg Mason in a research note on Monday, October 29th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $41.55.
In other Legg Mason news, insider Frances Cashman sold 10,058 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $31.61, for a total value of $317,933.38. Following the completion of the transaction, the insider now directly owns 72,937 shares in the company, valued at approximately $2,305,538.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.33% of the company’s stock.
Legg Mason 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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