Mason Street Advisors LLC purchased a new stake in shares of Legg Mason Inc. (NYSE:LM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,197 shares of the company’s stock, valued at approximately $419,000.
A number of other hedge funds and other institutional investors have also modified their holdings of LM. Dimensional Fund Advisors LP boosted its stake in shares of Legg Mason by 2.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,896,899 shares of the company’s stock valued at $85,428,000 after buying an additional 73,869 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of 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 worth $99,928,000 after buying an additional 31,592 shares during the period. Clarkston Capital Partners LLC boosted its stake in shares of Legg Mason by 21.6% in the second quarter. Clarkston Capital Partners LLC now owns 2,478,050 shares of the company’s stock worth $73,078,000 after buying an additional 439,825 shares during the period. FMR LLC boosted its stake in shares of Legg Mason by 27.3% in the second quarter. FMR LLC now owns 2,318,350 shares of the company’s stock worth $68,368,000 after buying an additional 497,323 shares during the period. Finally, Gabelli Funds LLC boosted its stake in shares of Legg Mason by 0.8% in the second quarter. Gabelli Funds LLC now owns 1,781,703 shares of the company’s stock worth $52,542,000 after buying an additional 15,000 shares during the period. Institutional investors own 78.66% of the company’s stock.
Shares of Legg Mason Inc. (NYSE:LM) opened at 34.29 on Thursday. Legg Mason Inc. has a 1-year low of $24.93 and a 1-year high of $46.41. The firm’s market cap is $3.55 billion. The company’s 50-day moving average is $34.05 and its 200 day moving average is $32.97.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The business had revenue of $700.20 million for the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. Legg Mason’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 EPS. On average, equities research analysts expect that Legg Mason Inc. will post $2.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 dividend on an annualized basis and a yield of 2.57%. Legg Mason’s payout ratio is presently -103.53%.
A number of analysts recently weighed in on LM shares. Morgan Stanley upped their price target on shares of Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Barclays PLC reissued an “overweight” rating and issued a $41.00 price objective 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 shares of 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $37.20.
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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