Legg Mason, Inc. (NYSE:LM) Position Lowered by Retirement Systems of Alabama
Retirement Systems of Alabama cut its stake in shares of Legg Mason, Inc. (NYSE:LM) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 359,108 shares of the asset manager’s stock after selling 1,981 shares during the period. Retirement Systems of Alabama’s holdings in Legg Mason were worth $13,704,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Legg Mason by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock valued at $260,895,000 after buying an additional 111,523 shares during the last quarter. Graybill Bartz & Assoc Ltd. bought a new stake in Legg Mason during the first quarter valued at approximately $2,813,000. Boston Partners increased its stake in Legg Mason by 57.5% in the first quarter. Boston Partners now owns 211,476 shares of the asset manager’s stock valued at $7,636,000 after buying an additional 77,176 shares during the last quarter. Legal & General Group Plc increased its stake in Legg Mason by 46.1% in the first quarter. Legal & General Group Plc now owns 123,073 shares of the asset manager’s stock valued at $4,445,000 after buying an additional 38,833 shares during the last quarter. Finally, Macquarie Group Ltd. bought a new stake in Legg Mason during the first quarter valued at approximately $33,594,000. 80.02% of the stock is owned by institutional investors.
Shares of Legg Mason, Inc. (NYSE LM) opened at 38.40 on Wednesday. Legg Mason, Inc. has a 1-year low of $28.10 and a 1-year high of $42.08. The company has a 50-day moving average price of $39.48 and a 200-day moving average price of $37.12. The company has a market cap of $3.68 billion, a PE ratio of 15.96 and a beta of 2.20.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The business had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. Equities research analysts expect that Legg Mason, Inc. will post $2.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be given a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 annualized dividend and a yield of 2.92%. Legg Mason’s dividend payout ratio is currently 46.47%.
LM has been the subject of several recent analyst reports. Credit Suisse Group reissued a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a report on Sunday, July 9th. Jefferies Group LLC increased their price objective on Legg Mason from $41.00 to $43.00 and gave the company a “buy” rating in a report on Friday, April 28th. Royal Bank Of Canada initiated coverage on Legg Mason in a report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price objective for the company. Zacks Investment Research downgraded Legg Mason from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, BidaskClub raised Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Legg Mason has a consensus rating of “Hold” and a consensus price target of $41.00.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the transaction, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.70% of the stock is currently owned by insiders.
About Legg Mason
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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