North Star Asset Management Inc. held its stake in shares of Legg Mason Inc. (NYSE:LM) during the second quarter, Holdings Channel reports. The firm owned 6,478 shares of the company’s stock at the end of the second quarter. North Star Asset Management Inc.’s holdings in Legg Mason were worth $225,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in LM. Seven Eight Capital LLC purchased a new stake in shares of Legg Mason during the first quarter worth approximately $180,000. Ironwood Investment Counsel LLC purchased a new stake in shares of Legg Mason during the first quarter worth approximately $227,000. IBM Retirement Fund increased its stake in shares of Legg Mason by 9.1% in the second quarter. IBM Retirement Fund now owns 10,622 shares of the company’s stock worth $313,000 after buying an additional 889 shares during the last quarter. Alpha Windward LLC increased its stake in shares of Legg Mason by 4,158.0% in the second quarter. Alpha Windward LLC now owns 12,774 shares of the company’s stock worth $377,000 after buying an additional 12,474 shares during the last quarter. Finally, Oakbrook Investments LLC increased its stake in shares of Legg Mason by 17.9% in the second quarter. Oakbrook Investments LLC now owns 14,150 shares of the company’s stock worth $417,000 after buying an additional 2,150 shares during the last quarter. Institutional investors and hedge funds own 78.66% of the company’s stock.
Shares of Legg Mason Inc. (NYSE:LM) traded down 1.87% during mid-day trading on Thursday, hitting $32.09. 799,809 shares of the stock traded hands. The stock has a 50-day moving average of $33.90 and a 200-day moving average of $32.93. 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 $3.33 billion.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to analyst estimates of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 EPS. Analysts anticipate that Legg Mason Inc. will post $2.31 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Thursday, October 6th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s dividend payout ratio is currently -103.53%.
LM has been the subject of a number of research reports. Jefferies Group reiterated a “buy” rating and set a $36.00 price target (down from $39.00) on shares of Legg Mason in a research report on Monday, July 11th. Zacks Investment Research upgraded shares of Legg Mason from a “strong sell” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Monday, July 11th. Citigroup Inc. raised their price objective on shares of Legg Mason from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Wells Fargo & Co. reissued a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Finally, Morgan Stanley raised their price objective on shares of Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 28th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $37.67.
Legg Mason Company Profile
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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