Retirement Systems of Alabama raised its stake in Legg Mason Inc. (NYSE:LM) by 96.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 302,855 shares of the company’s stock after buying an additional 148,529 shares during the period. Retirement Systems of Alabama’s holdings in Legg Mason were worth $8,931,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in LM. Norges Bank acquired a new position in Legg Mason during the fourth quarter valued at about $37,380,000. Aperio Group LLC boosted its position in Legg Mason by 106.3% in the first quarter. Aperio Group LLC now owns 91,043 shares of the company’s stock valued at $3,157,000 after buying an additional 46,914 shares in the last quarter. Prudential Financial Inc. boosted its position in Legg Mason by 28.3% in the first quarter. Prudential Financial Inc. now owns 229,300 shares of the company’s stock valued at $7,952,000 after buying an additional 50,600 shares in the last quarter. BlackRock Group LTD boosted its position in Legg Mason by 2.8% in the first quarter. BlackRock Group LTD now owns 884,292 shares of the company’s stock valued at $30,667,000 after buying an additional 24,217 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Legg Mason by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,881,436 shares of the company’s stock valued at $99,928,000 after buying an additional 31,592 shares in the last quarter. 78.66% of the stock is owned by institutional investors and hedge funds.
Shares of Legg Mason Inc. (NYSE:LM) traded down 1.65% during trading on Friday, hitting $33.43. The stock had a trading volume of 906,781 shares. The firm’s market cap is $3.46 billion. Legg Mason Inc. has a one year low of $24.93 and a one year high of $46.41. The firm’s 50-day moving average is $34.03 and its 200-day moving average is $32.97.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.06. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The company earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. During the same period in the previous year, the firm posted $1.14 earnings per share. Legg Mason’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts forecast that Legg Mason Inc. will post $2.31 EPS for the current year.
The business also recently announced 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 2.63%. Legg Mason’s payout ratio is currently -103.53%.
LM has been the subject of a number of research analyst reports. Morgan Stanley upped their target price on Legg Mason from $37.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Barclays PLC reissued an “overweight” rating and issued a $41.00 target price on shares of Legg Mason in a research report on Sunday, July 31st. Wells Fargo & Co. reissued a “buy” rating on shares of Legg Mason in a research report on Monday, July 18th. Zacks Investment Research raised Legg Mason from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 27th. Finally, Jefferies Group reissued a “buy” rating on shares of Legg Mason in a research report on Thursday, August 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $37.70.
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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