Brinker Capital Inc. boosted its holdings in Legg Mason Inc (NYSE:LM) by 71.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,550 shares of the asset manager’s stock after purchasing an additional 16,528 shares during the quarter. Brinker Capital Inc.’s holdings in Legg Mason were worth $1,087,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of LM. Clarkston Capital Partners LLC boosted its holdings in Legg Mason by 3.5% in the first quarter. Clarkston Capital Partners LLC now owns 4,824,985 shares of the asset manager’s stock worth $132,060,000 after acquiring an additional 164,850 shares in the last quarter. LSV Asset Management raised its stake in shares of Legg Mason by 1.2% in the fourth quarter. LSV Asset Management now owns 4,119,113 shares of the asset manager’s stock worth $105,078,000 after purchasing an additional 47,295 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Legg Mason by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,075,993 shares of the asset manager’s stock worth $103,979,000 after purchasing an additional 18,559 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Legg Mason by 1.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,588,957 shares of the asset manager’s stock worth $40,534,000 after purchasing an additional 18,026 shares during the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of Legg Mason by 2.1% in the fourth quarter. Macquarie Group Ltd. now owns 1,296,646 shares of the asset manager’s stock worth $33,077,000 after purchasing an additional 26,600 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.
Shares of NYSE:LM traded up $0.23 during trading on Wednesday, reaching $37.12. The stock had a trading volume of 1,108,979 shares, compared to its average volume of 1,098,830. The firm has a market capitalization of $3.02 billion, a PE ratio of 12.21, a P/E/G ratio of 0.70 and a beta of 1.73. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.77 and a quick ratio of 1.33. Legg Mason Inc has a 1-year low of $23.25 and a 1-year high of $39.26.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.16. The company had revenue of $692.60 million for the quarter, compared to analyst estimates of $699.24 million. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 0.98%. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 earnings per share. As a group, analysts expect that Legg Mason Inc will post 3.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, July 1st. This represents a $1.60 dividend on an annualized basis and a yield of 4.31%. This is a positive change from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s payout ratio is 44.74%.
A number of research firms have recently commented on LM. Citigroup upgraded Legg Mason from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $29.50 in a research report on Tuesday, February 5th. Wells Fargo & Co boosted their price objective on Legg Mason from $29.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 5th. Morgan Stanley set a $24.00 price objective on Legg Mason and gave the company a “sell” rating in a research report on Friday, February 8th. Gabelli restated a “buy” rating on shares of Legg Mason in a research report on Wednesday, April 10th. Finally, Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $33.22.
In related news, VP Thomas C. Merchant sold 5,582 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.11, for a total value of $201,566.02. Following the sale, the vice president now owns 78,586 shares in the company, valued at approximately $2,837,740.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph A. Sullivan sold 26,470 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.18, for a total value of $957,684.60. The disclosure for this sale can be found here. Insiders have sold 63,378 shares of company stock worth $2,292,180 in the last three months. 4.33% of the stock is currently owned by corporate insiders.
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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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