Radin Capital Partners Inc. Purchases New Position in Legg Mason Inc (LM)

Radin Capital Partners Inc. purchased a new position in shares of Legg Mason Inc (NYSE:LM) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 327,000 shares of the asset manager’s stock, valued at approximately $10,212,000. Legg Mason comprises approximately 9.5% of Radin Capital Partners Inc.’s investment portfolio, making the stock its 4th biggest position.

A number of other large investors also recently made changes to their positions in the stock. Canada Pension Plan Investment Board purchased a new stake in shares of Legg Mason in the second quarter valued at about $142,000. Sageworth Trust Co boosted its holdings in shares of Legg Mason by 608.3% in the third quarter. Sageworth Trust Co now owns 4,250 shares of the asset manager’s stock valued at $133,000 after acquiring an additional 3,650 shares in the last quarter. Westbourne Investment Advisors Inc. purchased a new stake in shares of Legg Mason in the third quarter valued at about $137,000. Paloma Partners Management Co boosted its holdings in shares of Legg Mason by 42.9% in the second quarter. Paloma Partners Management Co now owns 7,450 shares of the asset manager’s stock valued at $258,000 after acquiring an additional 2,235 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Legg Mason by 7,531.0% in the second quarter. Acadian Asset Management LLC now owns 7,631 shares of the asset manager’s stock valued at $265,000 after acquiring an additional 7,531 shares in the last quarter. Hedge funds and other institutional investors own 84.89% of the company’s stock.

LM stock opened at $28.83 on Monday. The stock has a market cap of $2.42 billion, a P/E ratio of 7.73, a P/E/G ratio of 0.49 and a beta of 1.72. Legg Mason Inc has a 52 week low of $26.10 and a 52 week high of $47.13. 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The business had revenue of $758.43 million for the quarter, compared to analyst estimates of $755.29 million. Legg Mason had a return on equity of 8.03% and a net margin of 11.81%. On average, equities analysts predict that Legg Mason Inc will post 3.26 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Wednesday, December 19th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Tuesday, December 18th. Legg Mason’s payout ratio is currently 36.56%.

Several brokerages have recently weighed in on LM. Deutsche Bank lowered their target price on shares of Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Friday, November 16th. Morgan Stanley lowered their target price on shares of Legg Mason from $32.00 to $25.00 and set a “sell” rating on the stock in a report on Wednesday, November 14th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $33.00 price objective on shares of Legg Mason in a report on Monday, October 29th. Wells Fargo & Co decreased their price objective on shares of Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a report on Thursday, October 25th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $37.00 price objective on shares of Legg Mason in a report on Thursday, October 25th. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. Legg Mason has a consensus rating of “Hold” and a consensus price target of $39.27.

In other Legg Mason news, insider Frances Cashman sold 10,058 shares of Legg Mason stock in a transaction dated Monday, September 24th. The shares were sold at an average price of $31.61, for a total transaction of $317,933.38. Following the completion of the transaction, the insider now owns 72,937 shares in the company, valued at $2,305,538.57. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.33% of the company’s stock.

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Legg Mason Profile

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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