Tower Research Capital LLC TRC raised its stake in Legg Mason Inc. (NYSE:LM) by 540.0% during the second quarter, Holdings Channel reports. The fund owned 8,953 shares of the company’s stock after buying an additional 7,554 shares during the period. Tower Research Capital LLC TRC’s holdings in Legg Mason were worth $264,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Howard Hughes Medical Institute increased its stake in shares of Legg Mason by 2.0% in the first quarter. Howard Hughes Medical Institute now owns 3,379 shares of the company’s stock valued at $117,000 after buying an additional 67 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Legg Mason by 36.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,673 shares of the company’s stock valued at $127,000 after buying an additional 972 shares in the last quarter. Seven Eight Capital LLC purchased a new stake in Legg Mason during the first quarter valued at about $180,000. Parametrica Management Ltd purchased a new stake in Legg Mason during the first quarter valued at about $213,000. Finally, Neuberger Berman Group LLC purchased a new stake in Legg Mason during the second quarter valued at about $220,000. 78.66% of the stock is currently owned by institutional investors and hedge funds.

Legg Mason Inc. (NYSE:LM) opened at 34.62 on Friday. The firm’s 50-day moving average is $34.16 and its 200 day moving average is $32.93. The firm’s market capitalization is $3.59 billion. Legg Mason Inc. has a 12 month low of $24.93 and a 12 month high of $46.41.

Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. Legg Mason’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm earned $1.14 EPS. On average, analysts expect that Legg Mason Inc. will post $2.31 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s payout ratio is -103.53%.

Several analysts have issued reports on the company. Zacks Investment Research raised Legg Mason from a “strong sell” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Monday, July 11th. Wells Fargo & Co. reissued a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $4.00 price target on shares of Legg Mason in a research note on Monday, September 12th. Jefferies Group reissued a “buy” rating and issued a $36.00 price target (down previously from $39.00) on shares of Legg Mason in a research note on Monday, July 11th. Finally, Morgan Stanley lifted their price target on Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $37.20.

Legg Mason Company Profile

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.

5 Day Chart for NYSE:LM

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