Advisors Preferred LLC purchased a new position in Legg Mason Inc (NYSE:LM) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,861 shares of the asset manager’s stock, valued at approximately $162,000.
A number of other large investors have also modified their holdings of LM. Bessemer Group Inc. grew its stake in shares of Legg Mason by 219.1% during the 4th quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock worth $189,000 after purchasing an additional 3,089 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Legg Mason by 47.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after purchasing an additional 1,518 shares during the period. Murphy Pohlad Asset Management LLC acquired a new stake in shares of Legg Mason during the 4th quarter worth approximately $205,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Legg Mason during the 3rd quarter worth approximately $224,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Legg Mason during the 4th quarter worth approximately $247,000. Institutional investors own 87.91% of the company’s stock.
A number of equities research analysts have recently commented on the stock. Citigroup reaffirmed a “neutral” rating and set a $50.00 price objective (up previously from $49.00) on shares of Legg Mason in a research note on Thursday, January 25th. Jefferies Group cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Bank of America raised their price objective on shares of Legg Mason from $42.00 to $44.00 and gave the stock an “underperform” rating in a research note on Thursday, January 25th. Credit Suisse Group lowered Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 target price on the stock. in a research report on Wednesday, January 3rd. Finally, Morgan Stanley increased their target price on Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research report on Tuesday, January 30th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Legg Mason currently has an average rating of “Hold” and a consensus price target of $45.91.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The firm had revenue of $793.10 million for the quarter, compared to analyst estimates of $777.11 million. During the same quarter last year, the firm posted $0.50 EPS. The business’s revenue was up 10.9% on a year-over-year basis. analysts expect that Legg Mason Inc will post 3.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.78%. Legg Mason’s dividend payout ratio (DPR) is 30.77%.
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.
Want to see what other hedge funds are holding LM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Legg Mason Inc (NYSE:LM).
Receive News & Ratings for Legg Mason Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legg Mason and related companies with MarketBeat.com's FREE daily email newsletter.