Stevens Capital Management LP Takes Position in Legg Mason, Inc. (LM)
Stevens Capital Management LP bought a new stake in shares of Legg Mason, Inc. (NYSE:LM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 112,281 shares of the asset manager’s stock, valued at approximately $4,285,000. Stevens Capital Management LP owned approximately 0.12% of Legg Mason at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. FNY Partners Fund LP bought a new position in shares of Legg Mason in the first quarter worth about $109,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Legg Mason by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after purchasing an additional 294 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after purchasing an additional 1,100 shares during the period. CIBC World Markets Inc. bought a new position in shares of Legg Mason in the first quarter worth about $219,000. Finally, Greenwich Investment Management Inc. bought a new position in shares of Legg Mason in the first quarter worth about $219,000. Institutional investors own 82.28% of the company’s stock.
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In other Legg Mason news, 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 value of $162,654,975.00. Following the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.70% of the stock is owned by corporate insiders.
LM has been the topic of a number of recent analyst reports. Credit Suisse Group reiterated a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a research note on Sunday, July 9th. Royal Bank Of Canada initiated coverage on Legg Mason in a research note on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price objective on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price objective on shares of Legg Mason in a research note on Sunday, August 20th. Zacks Investment Research lowered Legg Mason from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $42.00.
Legg Mason, Inc. (NYSE LM) opened at 38.17 on Tuesday. The company’s 50-day moving average price is $37.78 and its 200 day moving average price is $37.79. Legg Mason, Inc. has a 52 week low of $28.10 and a 52 week high of $42.08. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 15.86 and a beta of 2.21.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The firm had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 EPS. On average, analysts predict that Legg Mason, Inc. will post $2.26 EPS for the current 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 $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 annualized dividend and a yield of 2.93%. Legg Mason’s dividend payout ratio is currently 46.47%.
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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