WBI Investments Inc. Purchases New Position in Legg Mason, Inc. (LM)
WBI Investments Inc. purchased a new position in shares of Legg Mason, Inc. (NYSE:LM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 43,360 shares of the asset manager’s stock, valued at approximately $1,654,000.
Several other hedge funds have also recently bought and sold shares of the company. Neuberger Berman Group LLC grew its stake in shares of Legg Mason by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 6,857 shares of the asset manager’s stock worth $262,000 after acquiring an additional 47 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Legg Mason by 2.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 6,904 shares of the asset manager’s stock worth $263,000 after acquiring an additional 183 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Legg Mason by 10.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after acquiring an additional 294 shares during the period. Cambria Investment Management L.P. grew its stake in shares of Legg Mason by 1.2% during the 1st quarter. Cambria Investment Management L.P. now owns 32,155 shares of the asset manager’s stock worth $1,161,000 after acquiring an additional 393 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in shares of Legg Mason by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 22,300 shares of the asset manager’s stock worth $851,000 after acquiring an additional 400 shares during the period. Institutional investors own 82.31% of the company’s stock.
Legg Mason, Inc. (NYSE LM) opened at 37.84 on Thursday. Legg Mason, Inc. has a 52 week low of $28.10 and a 52 week high of $42.08. The company has a market cap of $3.54 billion, a P/E ratio of 15.73 and a beta of 2.21. The firm has a 50-day moving average price of $38.05 and a 200 day moving average price of $37.78.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The company had revenue of $793.80 million during the quarter, compared to analysts’ expectations of $766.60 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. Legg Mason’s revenue for the quarter was up 13.4% compared to the same quarter last year. 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 will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.96%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s dividend payout ratio is presently 46.47%.
Several research firms have recently weighed in on LM. Barclays PLC began coverage on Legg Mason in a research note on Friday, September 8th. They set an “equal weight” rating and a $39.00 price target for the company. BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Citigroup Inc. reiterated a “neutral” rating and set a $41.00 price target (down previously from $43.00) on shares of Legg Mason in a research note on Friday, August 11th. ValuEngine upgraded Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $38.00 price target (up previously from $35.00) on shares of Legg Mason in a research note on Monday, July 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Legg Mason currently has an average rating of “Hold” and an average price target of $42.00.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the sale, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.70% of the company’s stock.
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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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