Wedge Capital Management L L P NC Sells 12,172 Shares of Legg Mason Inc (NYSE:LM)

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Wedge Capital Management L L P NC lessened its position in shares of Legg Mason Inc (NYSE:LM) by 3.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 301,253 shares of the asset manager’s stock after selling 12,172 shares during the period. Wedge Capital Management L L P NC owned approximately 0.35% of Legg Mason worth $11,532,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Dumont & Blake Investment Advisors LLC bought a new stake in shares of Legg Mason during the second quarter worth approximately $274,000. AGF Investments LLC boosted its holdings in shares of Legg Mason by 2.7% during the second quarter. AGF Investments LLC now owns 50,380 shares of the asset manager’s stock worth $1,929,000 after acquiring an additional 1,327 shares during the period. Alpha Windward LLC boosted its holdings in shares of Legg Mason by 1,691.3% during the second quarter. Alpha Windward LLC now owns 13,632 shares of the asset manager’s stock worth $525,000 after acquiring an additional 12,871 shares during the period. BancorpSouth Bank boosted its holdings in shares of Legg Mason by 8.6% during the second quarter. BancorpSouth Bank now owns 96,563 shares of the asset manager’s stock worth $3,697,000 after acquiring an additional 7,622 shares during the period. Finally, Velanne Asset Management Ltd boosted its holdings in shares of Legg Mason by 1.6% during the second quarter. Velanne Asset Management Ltd now owns 204,093 shares of the asset manager’s stock worth $7,813,000 after acquiring an additional 3,264 shares during the period. Institutional investors own 82.44% of the company’s stock.

Shares of LM stock traded up $0.12 during trading on Thursday, hitting $35.67. The company had a trading volume of 6,438 shares, compared to its average volume of 684,013. The company has a quick ratio of 1.41, a current ratio of 2.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 0.70 and a beta of 1.49. The stock’s 50-day simple moving average is $37.96. Legg Mason Inc has a one year low of $23.25 and a one year high of $38.94.

Legg Mason (NYSE:LM) last released its earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The firm had revenue of $705.36 million during the quarter, compared to analysts’ expectations of $708.70 million. During the same period in the prior year, the company earned $0.75 earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. On average, analysts predict that Legg Mason Inc will post 3.64 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.49%. The ex-dividend date is Wednesday, October 9th. Legg Mason’s payout ratio is presently 52.63%.

Several equities research analysts recently issued reports on the company. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Monday, May 20th. ValuEngine cut Legg Mason from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Credit Suisse Group boosted their price target on Legg Mason from $39.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Evercore ISI reiterated a “hold” rating and issued a $36.00 price target on shares of Legg Mason in a research note on Tuesday. Finally, Royal Bank of Canada boosted their price target on Legg Mason to $39.00 and gave the company an “in-line” rating in a research note on Tuesday, May 14th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $34.27.

About Legg Mason

Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.

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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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