Dimensional Fund Advisors LP raised its position in Legg Mason Inc. (NYSE:LM) by 2.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,896,899 shares of the company’s stock after buying an additional 73,869 shares during the period. Dimensional Fund Advisors LP owned approximately 2.80% of Legg Mason worth $85,428,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Howard Hughes Medical Institute raised its stake in Legg Mason by 2.0% in the first quarter. Howard Hughes Medical Institute now owns 3,379 shares of the company’s stock valued at $117,000 after buying an additional 67 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Legg Mason by 36.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,673 shares of the company’s stock valued at $127,000 after buying an additional 972 shares in the last quarter. Seven Eight Capital LLC purchased a new stake in Legg Mason during the first quarter valued at about $180,000. Parametrica Management Ltd purchased a new stake in Legg Mason during the first quarter valued at about $213,000. Finally, Neuberger Berman Group LLC purchased a new stake in Legg Mason during the second quarter valued at about $220,000. Hedge funds and other institutional investors own 78.66% of the company’s stock.
Legg Mason Inc. (NYSE:LM) opened at 33.92 on Friday. The company’s 50-day moving average is $34.17 and its 200-day moving average is $32.94. Legg Mason Inc. has a 52 week low of $24.93 and a 52 week high of $46.41. The company’s market cap is $3.52 billion.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. During the same quarter in the previous year, the company earned $1.14 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Legg Mason Inc. will post $2.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, October 4th. This represents a $0.88 dividend on an annualized basis and a yield of 2.59%. Legg Mason’s dividend payout ratio is presently -103.53%.
Several research firms recently issued reports on LM. Morgan Stanley reiterated a “hold” rating on shares of Legg Mason in a research report on Friday, September 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $4.00 price objective on shares of Legg Mason in a research note on Monday, September 12th. Barclays PLC reissued an “overweight” rating and issued a $41.00 price objective on shares of Legg Mason in a research note on Sunday, July 31st. Jefferies Group reissued a “buy” rating on shares of Legg Mason in a research note on Thursday, August 11th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $37.20.
About Legg Mason
Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.
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