Sit Investment Associates Inc. cut its stake in shares of Legg Mason Inc. (NYSE:LM) by 35.7% during the second quarter, Holdings Channel reports. The institutional investor owned 946,650 shares of the company’s stock after selling 526,678 shares during the period. Sit Investment Associates Inc.’s holdings in Legg Mason were worth $27,917,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Howard Hughes Medical Institute boosted its position in shares of 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. Seven Eight Capital LLC acquired a new position in Legg Mason during the first quarter worth approximately $180,000. Ironwood Investment Counsel LLC acquired a new position in Legg Mason during the first quarter worth approximately $227,000. IBM Retirement Fund boosted its position in 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 period. Finally, OMERS ADMINISTRATION Corp acquired a new position in Legg Mason during the first quarter worth approximately $423,000. 78.66% of the stock is owned by hedge funds and other institutional investors.
Legg Mason Inc. (NYSE:LM) traded up 3.17% during midday trading on Wednesday, hitting $34.20. The company’s stock had a trading volume of 1,126,646 shares. 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 $3.54 billion. The stock has a 50 day moving average of $34.04 and a 200 day moving average of $32.96.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 positive return on equity of 7.06% and a negative net margin of 3.25%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned $1.14 earnings per share. On average, equities analysts expect that Legg Mason Inc. will post $2.31 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s dividend payout ratio is -103.53%.
A number of equities analysts have recently commented on LM shares. Citigroup Inc. reissued a “buy” rating and set a $45.00 price target on shares of Legg Mason in a report on Thursday, June 30th. Barclays PLC reissued an “overweight” rating and set a $41.00 price target on shares of Legg Mason in a report on Sunday, July 31st. Morgan Stanley reissued a “hold” rating on shares of Legg Mason in a report on Friday, September 9th. Zacks Investment Research cut Legg Mason from a “hold” rating to a “strong sell” rating in a report on Monday, July 4th. Finally, Jefferies Group reissued a “buy” rating and set a $36.00 price target (down previously from $39.00) on shares of Legg Mason in a report on Monday, July 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average 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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