State of Tennessee Treasury Department Sells 26,059 Shares of Legg Mason Inc (NYSE:LM)

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State of Tennessee Treasury Department lessened its stake in shares of Legg Mason Inc (NYSE:LM) by 29.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 63,941 shares of the asset manager’s stock after selling 26,059 shares during the period. State of Tennessee Treasury Department’s holdings in Legg Mason were worth $2,442,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Trust Co. of Vermont bought a new stake in Legg Mason during the second quarter worth about $31,000. Hillsdale Investment Management Inc. bought a new stake in Legg Mason during the second quarter worth about $42,000. TD Capital Management LLC bought a new stake in Legg Mason during the second quarter worth about $59,000. C M Bidwell & Associates Ltd. bought a new stake in Legg Mason during the second quarter worth about $62,000. Finally, Machina Capital S.A.S. raised its holdings in Legg Mason by 19.0% during the second quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock worth $100,000 after acquiring an additional 424 shares in the last quarter. Institutional investors and hedge funds own 86.02% of the company’s stock.

Shares of NYSE LM opened at $38.15 on Friday. The business’s 50 day moving average price is $36.84 and its two-hundred day moving average price is $36.80. The company has a market cap of $3.40 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 0.94 and a beta of 1.51. The company has a quick ratio of 1.41, a current ratio of 2.01 and a debt-to-equity ratio of 0.61. Legg Mason Inc has a twelve month low of $23.25 and a twelve month high of $40.27.

Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, October 30th. The asset manager reported $0.95 EPS for the quarter, beating the consensus estimate of $0.86 by $0.09. Legg Mason had a positive return on equity of 7.70% and a negative net margin of 1.93%. The company had revenue of $743.30 million for the quarter, compared to the consensus estimate of $720.83 million. During the same quarter in the prior year, the business earned $0.82 earnings per share. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, research analysts anticipate that Legg Mason Inc will post 3.62 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 20th. Stockholders of record on Tuesday, December 24th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Monday, December 23rd. Legg Mason’s payout ratio is 52.63%.

A number of brokerages have weighed in on LM. ValuEngine downgraded Legg Mason from a “sell” rating to a “strong sell” rating in a research report on Monday, October 7th. Credit Suisse Group boosted their price target on Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Barclays reissued a “hold” rating and set a $38.00 price target on shares of Legg Mason in a research report on Wednesday, October 9th. Wells Fargo & Co reissued a “hold” rating on shares of Legg Mason in a research report on Thursday, October 31st. Finally, Zacks Investment Research downgraded Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 price target on the stock. in a research report on Monday, August 19th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $34.50.

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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