Legg Mason Inc. (LM) Shares Sold by UBS Asset Management Americas Inc.
UBS Asset Management Americas Inc. lowered its position in shares of Legg Mason Inc. (NYSE:LM) by 58.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 104,339 shares of the company’s stock after selling 148,215 shares during the period. UBS Asset Management Americas Inc. owned approximately 0.10% of Legg Mason worth $3,078,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of LM. Wellington Management Group LLP boosted its stake in shares of Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock worth $26,559,000 after buying an additional 421,217 shares during the period. Geode Capital Management LLC boosted its position in Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock worth $35,467,000 after buying an additional 150,734 shares during the period. Junto Capital Management LP bought a new position in Legg Mason during the first quarter worth about $28,672,000. Bogle Investment Management L P DE boosted its position in Legg Mason by 26.8% in the first quarter. Bogle Investment Management L P DE now owns 43,086 shares of the company’s stock worth $1,494,000 after buying an additional 9,116 shares during the period. Finally, Moore Capital Management LP boosted its position in Legg Mason by 816.0% in the first quarter. Moore Capital Management LP now owns 300,000 shares of the company’s stock worth $10,404,000 after buying an additional 267,248 shares during the period. 78.66% of the stock is currently owned by institutional investors and hedge funds.
Legg Mason Inc. (NYSE:LM) traded up 2.65% during midday trading on Wednesday, reaching $34.03. 518,881 shares of the company’s stock traded hands. The firm’s market cap is $3.53 billion. Legg Mason Inc. has a 52-week low of $24.93 and a 52-week high of $46.41. The firm’s 50-day moving average is $34.04 and its 200 day moving average is $32.96.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The firm had revenue of $700.20 million for the quarter, compared to analyst estimates of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS. Equities research analysts expect that Legg Mason Inc. will post $2.31 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Thursday, October 6th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s payout ratio is -103.53%.
A number of equities analysts have recently issued reports on LM shares. Citigroup Inc. reissued a “buy” rating and set a $45.00 price objective on shares of Legg Mason in a research report on Thursday, June 30th. Barclays PLC reissued an “overweight” rating and set a $41.00 price objective on shares of Legg Mason in a research report on Sunday, July 31st. Morgan Stanley reissued a “hold” rating on shares of Legg Mason in a research report on Friday, September 9th. Jefferies Group reissued a “buy” rating and set a $36.00 price objective (down previously from $39.00) on shares of Legg Mason in a research report on Monday, July 11th. Finally, Zacks Investment Research cut shares of Legg Mason from a “hold” rating to a “strong sell” rating in a research report on Monday, July 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target 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.
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