BlackRock Inc. increased its stake in shares of Legg Mason, Inc. (NYSE:LM) by 1,729.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,932,618 shares of the asset manager’s stock after buying an additional 7,499,031 shares during the period. BlackRock Inc. owned 0.08% of Legg Mason worth $286,448,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in LM. IFP Advisors Inc boosted its stake in 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 buying an additional 2,500 shares during the period. Credit Agricole S A boosted its stake in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock worth $147,000 after buying an additional 1,626 shares during the period. Envestnet Asset Management Inc. boosted its stake in 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 buying an additional 1,100 shares during the period. Yorktown Management & Research Co Inc acquired a new stake in Legg Mason during the first quarter worth approximately $217,000. Finally, CIBC World Markets Inc. acquired a new stake in Legg Mason during the first quarter worth approximately $219,000. Institutional investors own 79.15% of the company’s stock.
Legg Mason, Inc. (NYSE:LM) opened at 38.89 on Monday. The stock has a 50 day moving average price of $38.48 and a 200 day moving average price of $35.71. Legg Mason, Inc. has a 52 week low of $28.10 and a 52 week high of $40.82. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 17.84 and a beta of 2.19.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. The firm had revenue of $723.13 million for the quarter, compared to analyst estimates of $701.50 million. During the same period in the previous year, the business earned ($0.15) EPS. The company’s revenue was up 16.7% compared to the same quarter last year. Equities research analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th will be paid a $0.28 dividend. This is a positive change from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, June 9th. Legg Mason’s payout ratio is presently 50.91%.
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A number of analysts have recently commented on LM shares. Zacks Investment Research cut Legg Mason from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $41.00 price target on shares of Legg Mason in a research note on Monday, March 27th. ValuEngine lowered Legg Mason from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $43.00 price target on shares of Legg Mason in a research note on Tuesday, May 30th. Finally, BidaskClub raised Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $40.78.
In other Legg Mason news, insider Terence Johnson sold 8,777 shares of Legg Mason stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.24, for a total value of $326,855.48. Following the sale, the insider now directly owns 100,415 shares in the company, valued at approximately $3,739,454.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ursula Schliessler sold 1,745 shares of Legg Mason stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.39, for a total transaction of $65,245.55. Following the completion of the sale, the chief accounting officer now owns 14,445 shares in the company, valued at $540,098.55. The disclosure for this sale can be found here. Insiders sold a total of 4,243,022 shares of company stock worth $163,047,076 over the last quarter. Company insiders own 12.70% of the company’s stock.
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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