Teachers Retirement System of The State of Kentucky cut its stake in Legg Mason, Inc. (NYSE:LM) by 8.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 20,870 shares of the asset manager’s stock after selling 2,030 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Legg Mason were worth $754,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Westbourne Investment Advisors Inc. boosted its stake in Legg Mason by 1.8% in the first quarter. Westbourne Investment Advisors Inc. now owns 12,508 shares of the asset manager’s stock worth $452,000 after buying an additional 223 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Legg Mason by 1.2% in the first quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock worth $5,781,000 after buying an additional 1,913 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Legg Mason by 16.4% in the first quarter. Nisa Investment Advisors LLC now owns 94,830 shares of the asset manager’s stock worth $3,424,000 after buying an additional 13,385 shares during the last quarter. Graybill Bartz & Assoc Ltd. purchased a new stake in Legg Mason during the first quarter worth about $2,813,000. Finally, Cornerstone Financial Partners LLC purchased a new stake in Legg Mason during the first quarter worth about $2,805,000. 80.05% of the stock is owned by institutional investors and hedge funds.

Shares of Legg Mason, Inc. (NYSE:LM) opened at 40.26 on Monday. The company’s 50-day moving average price is $39.15 and its 200-day moving average price is $36.55. The firm has a market capitalization of $3.86 billion, a P/E ratio of 18.47 and a beta of 2.19. Legg Mason, Inc. has a 52-week low of $28.10 and a 52-week high of $40.96.

Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.29. The firm had revenue of $723.13 million for the quarter, compared to analysts’ expectations of $701.50 million. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. The business’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.15) EPS. On average, equities research analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th were issued a $0.28 dividend. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Friday, June 9th. Legg Mason’s dividend payout ratio is currently 50.91%.

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A number of research firms have recently commented on LM. BidaskClub lowered Legg Mason from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. Zacks Investment Research upgraded Legg Mason from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC lifted their price objective on Legg Mason from $41.00 to $43.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Morgan Stanley reiterated an “equal weight” rating and issued a $38.00 price objective (up from $35.00) on shares of Legg Mason in a research note on Monday, July 10th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $43.00 price objective on shares of Legg Mason in a research note on Tuesday, May 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $40.78.

In other Legg Mason news, CAO Ursula Schliessler sold 1,745 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $37.39, for a total value of $65,245.55. Following the transaction, the chief accounting officer now directly owns 14,445 shares of the company’s stock, valued at approximately $540,098.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares in the company, valued at $130,008.69. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,243,022 shares of company stock worth $163,047,076. Insiders own 12.70% of the company’s stock.

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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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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