Legg Mason Inc. (LM) Sees Large Volume Increase
Legg Mason Inc. (NYSE:LM) shares saw strong trading volume on Wednesday . 1,600,264 shares traded hands during trading, a decline of 5% from the previous session’s volume of 1,688,398 shares.The stock last traded at $28.52 and had previously closed at $28.35.
Several equities research analysts recently weighed in on the company. Royal Bank Of Canada cut their price objective on Legg Mason from $49.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, April 25th. Citigroup Inc. reissued a “buy” rating and set a $46.00 price objective (up previously from $43.00) on shares of Legg Mason in a report on Friday, April 15th. Jefferies Group reissued a “buy” rating and set a $42.00 price objective (up previously from $37.00) on shares of Legg Mason in a report on Tuesday, March 29th. Zacks Investment Research raised Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a report on Monday, March 28th. Finally, Morgan Stanley cut their price objective on Legg Mason from $38.00 to $37.00 and set an “equal weight” rating on the stock in a report on Sunday, March 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $43.45.
The firm’s market cap is $3.01 billion. The stock’s 50-day moving average price is $31.81 and its 200 day moving average price is $32.27.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Friday, April 29th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.32. The firm earned $619.50 million during the quarter, compared to the consensus estimate of $631.88 million. During the same period in the previous year, the company posted $1.03 EPS. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts predict that Legg Mason Inc. will post $2.33 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Monday, June 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, June 9th. This is a boost from Legg Mason’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.08%.
In related news, major shareholder Tian Qiao Chen sold 16,000 shares of the stock in a transaction on Wednesday, June 22nd. The stock was sold at an average price of $32.11, for a total value of $513,760.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carol Anthony Davidson bought 3,000 shares of Legg Mason stock in a transaction that occurred on Monday, June 6th. The stock was purchased at an average cost of $33.92 per share, for a total transaction of $101,760.00. Following the purchase, the director now owns 3,000 shares of the company’s stock, valued at $101,760. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position in Legg Mason by 4.9% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 26,496 shares of the company’s stock worth $1,039,000 after buying an additional 1,248 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Legg Mason by 8.9% in the fourth quarter. Bank of Montreal Can now owns 29,114 shares of the company’s stock worth $1,142,000 after buying an additional 2,374 shares during the period. Gulf International Bank UK Ltd boosted its position in shares of Legg Mason by 1.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 30,941 shares of the company’s stock worth $1,214,000 after buying an additional 300 shares during the period. Norinchukin Bank The boosted its position in shares of Legg Mason by 3.4% in the fourth quarter. Norinchukin Bank The now owns 35,003 shares of the company’s stock worth $1,373,000 after buying an additional 1,153 shares during the period. Finally, Nationwide Fund Advisors boosted its position in shares of Legg Mason by 13.2% in the fourth quarter. Nationwide Fund Advisors now owns 47,555 shares of the company’s stock worth $1,866,000 after buying an additional 5,543 shares during the period.
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.