First Trust Advisors LP grew its position in Legg Mason, Inc. (NYSE:LM) by 495.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 136,639 shares of the asset manager’s stock after acquiring an additional 113,704 shares during the period. First Trust Advisors LP owned 0.14% of Legg Mason worth $5,214,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of LM. Capstone Asset Management Co. raised its position in Legg Mason by 0.8% in the 1st quarter. Capstone Asset Management Co. now owns 12,085 shares of the asset manager’s stock worth $436,000 after purchasing an additional 100 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Legg Mason by 1.2% during the 1st quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock valued at $5,781,000 after acquiring an additional 1,913 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Legg Mason by 12.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 34,249 shares of the asset manager’s stock valued at $1,237,000 after acquiring an additional 3,911 shares during the last quarter. IFP Advisors Inc raised its position in shares of Legg Mason by 235.4% during the 1st quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Legg Mason by 52.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 15,600 shares of the asset manager’s stock valued at $563,000 after acquiring an additional 5,400 shares during the last quarter. Hedge funds and other institutional investors own 82.31% of the company’s stock.
Shares of Legg Mason, Inc. (NYSE LM) traded up 1.22% during midday trading on Friday, reaching $38.21. 1,240,997 shares of the company’s stock traded hands. The stock has a market cap of $3.58 billion, a P/E ratio of 15.88 and a beta of 2.21. The stock has a 50 day moving average of $37.82 and a 200-day moving average of $37.79. Legg Mason, Inc. has a 12 month low of $28.10 and a 12 month high of $42.08.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The company had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts forecast that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is currently 46.47%.
In other news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total value of $162,654,975.00. Following the sale, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 12.70% of the company’s stock.
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Several brokerages have commented on LM. Barclays PLC began coverage on shares of Legg Mason in a research report on Friday, September 8th. They set an “equal weight” rating and a $39.00 target price for the company. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price target on shares of Legg Mason in a report on Sunday, August 20th. Citigroup Inc. reissued a “neutral” rating and issued a $41.00 price target (down previously from $43.00) on shares of Legg Mason in a report on Friday, August 11th. BidaskClub lowered shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $42.00.
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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