State of Wisconsin Investment Board decreased its holdings in Legg Mason, Inc. (NYSE:LM) by 11.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,224 shares of the asset manager’s stock after selling 2,230 shares during the period. State of Wisconsin Investment Board’s holdings in Legg Mason were worth $657,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also bought and sold shares of the company. FNY Partners Fund LP acquired a new position in shares of Legg Mason in the first quarter worth $109,000. IFP Advisors Inc grew its stake in shares of Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock worth $129,000 after acquiring an additional 2,500 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after acquiring an additional 1,100 shares in the last quarter. CIBC World Markets Inc. acquired a new position in shares of Legg Mason in the first quarter worth $219,000. Finally, Greenwich Investment Management Inc. acquired a new position in shares of Legg Mason in the first quarter worth $219,000. Institutional investors and hedge funds own 82.31% of the company’s stock.
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In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the firm’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.70% of the stock is owned by company insiders.
LM has been the subject of a number of analyst reports. Barclays PLC initiated coverage on shares of Legg Mason in a research note on Friday. They set an “equal weight” rating and a $39.00 target price for the company. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 target price on shares of Legg Mason in a research note on Sunday, August 20th. Citigroup Inc. reiterated a “neutral” rating and set a $41.00 target price (down previously from $43.00) on shares of Legg Mason in a research note on Friday, August 11th. BidaskClub downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $42.00.
Shares of Legg Mason, Inc. (NYSE LM) opened at 36.47 on Monday. Legg Mason, Inc. has a 12 month low of $28.10 and a 12 month high of $42.08. The stock has a market capitalization of $3.41 billion, a PE ratio of 15.16 and a beta of 2.21. The company has a 50-day moving average of $38.20 and a 200-day moving average of $37.77.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The company had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the business earned $0.68 EPS. On average, equities research analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.07%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s dividend payout ratio is currently 46.47%.
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.
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