Dimensional Fund Advisors LP Decreases Stake in Legg Mason Inc (LM)

Dimensional Fund Advisors LP trimmed its stake in shares of Legg Mason Inc (NYSE:LM) by 0.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,057,434 shares of the asset manager’s stock after selling 15,379 shares during the period. Dimensional Fund Advisors LP owned approximately 4.74% of Legg Mason worth $126,714,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LM. Quantbot Technologies LP bought a new position in shares of Legg Mason during the third quarter worth $131,000. Radin Capital Partners Inc. purchased a new stake in Legg Mason during the third quarter valued at $10,212,000. D.A. Davidson & CO. purchased a new stake in Legg Mason during the third quarter valued at $253,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Legg Mason by 37.1% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,198 shares of the asset manager’s stock valued at $724,000 after purchasing an additional 6,272 shares in the last quarter. Finally, Redwood Investment Management LLC raised its stake in Legg Mason by 13.6% during the third quarter. Redwood Investment Management LLC now owns 159,014 shares of the asset manager’s stock valued at $4,966,000 after purchasing an additional 19,076 shares in the last quarter. 84.45% of the stock is owned by hedge funds and other institutional investors.

LM has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $33.00 price target on shares of Legg Mason in a research note on Monday, October 29th. Wells Fargo & Co decreased their price target on shares of Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Morgan Stanley upped their price target on shares of Legg Mason from $31.00 to $32.00 and gave the company a “sell” rating in a research note on Tuesday, October 9th. Royal Bank of Canada reaffirmed a “buy” rating and set a $37.00 price target on shares of Legg Mason in a research note on Thursday, October 25th. Finally, Deutsche Bank decreased their price target on shares of Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, November 16th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. Legg Mason currently has an average rating of “Hold” and an average target price of $39.27.

In other news, insider Frances Cashman sold 10,058 shares of the stock in a transaction on Monday, September 24th. The shares were sold at an average price of $31.61, for a total value of $317,933.38. Following the sale, the insider now owns 72,937 shares of the company’s stock, valued at $2,305,538.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.33% of the company’s stock.

Legg Mason stock opened at $27.41 on Friday. Legg Mason Inc has a 52-week low of $26.10 and a 52-week high of $47.13. The firm has a market cap of $2.36 billion, a P/E ratio of 7.37, a price-to-earnings-growth ratio of 0.49 and a beta of 1.73. The company has a current ratio of 1.77, a quick ratio of 1.27 and a debt-to-equity ratio of 0.50.

Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, October 24th. The asset manager reported $0.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.03%. The firm had revenue of $758.43 million during the quarter, compared to analysts’ expectations of $755.29 million. On average, equities research analysts predict that Legg Mason Inc will post 3.23 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Wednesday, December 19th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.96%. The ex-dividend date of this dividend is Tuesday, December 18th. Legg Mason’s dividend payout ratio is currently 36.56%.

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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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