Legg Mason, Inc. (LM) Holdings Lowered by Laffer Investments
Laffer Investments trimmed its stake in shares of Legg Mason, Inc. (NYSE:LM) by 7.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,280 shares of the asset manager’s stock after selling 3,315 shares during the quarter. Laffer Investments’ holdings in Legg Mason were worth $1,741,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Legg Mason by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock worth $282,352,000 after purchasing an additional 174,167 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Legg Mason by 2.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,327,388 shares of the asset manager’s stock worth $130,800,000 after purchasing an additional 81,952 shares in the last quarter. Clarkston Capital Partners LLC raised its holdings in shares of Legg Mason by 5.3% in the 3rd quarter. Clarkston Capital Partners LLC now owns 3,184,293 shares of the asset manager’s stock worth $125,175,000 after purchasing an additional 159,884 shares in the last quarter. LSV Asset Management raised its holdings in shares of Legg Mason by 55.7% in the 2nd quarter. LSV Asset Management now owns 2,183,004 shares of the asset manager’s stock worth $83,303,000 after purchasing an additional 780,708 shares in the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of Legg Mason by 3.2% in the 3rd quarter. Gabelli Funds LLC now owns 1,536,000 shares of the asset manager’s stock worth $60,380,000 after purchasing an additional 48,000 shares in the last quarter. Institutional investors own 82.58% of the company’s stock.
Shares of Legg Mason, Inc. (LM) traded down $0.17 on Friday, reaching $40.00. 558,800 shares of the company were exchanged, compared to its average volume of 1,066,058. Legg Mason, Inc. has a 52-week low of $29.71 and a 52-week high of $42.08. The stock has a market capitalization of $3,693.13, a P/E ratio of 14.00, a PEG ratio of 0.94 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.79.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.10. The firm had revenue of $768.30 million for the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 earnings per share. equities analysts predict that Legg Mason, Inc. will post 2.85 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Tuesday, December 19th. Legg Mason’s payout ratio is 43.75%.
Several research firms have recently weighed in on LM. Jefferies Group reissued a “buy” rating and issued a $49.00 target price on shares of Legg Mason in a research report on Sunday, August 20th. Barclays began coverage on shares of Legg Mason in a research report on Friday, September 8th. They issued an “equal weight” rating and a $39.00 target price on the stock. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a research report on Friday, September 29th. Morgan Stanley downgraded shares of Legg Mason from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $37.00 to $36.00 in a research report on Thursday, October 5th. Finally, Deutsche Bank began coverage on shares of Legg Mason in a research report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 target price on the stock. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $43.10.
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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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