New Mexico Educational Retirement Board Buys New Stake in Legg Mason Inc (LM)
New Mexico Educational Retirement Board bought a new stake in Legg Mason Inc (NYSE:LM) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 21,500 shares of the asset manager’s stock, valued at approximately $903,000.
Other large investors have also recently modified their holdings of the company. Bessemer Group Inc. raised its position in shares of Legg Mason by 219.1% in the 4th quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock valued at $189,000 after buying an additional 3,089 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Legg Mason by 47.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock valued at $198,000 after purchasing an additional 1,518 shares during the last quarter. Murphy Pohlad Asset Management LLC bought a new stake in shares of Legg Mason during the 4th quarter valued at approximately $205,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Legg Mason during the 3rd quarter valued at approximately $224,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Legg Mason during the 4th quarter valued at approximately $247,000. Institutional investors own 87.91% of the company’s stock.
Shares of Legg Mason Inc (NYSE LM) opened at $40.39 on Friday. Legg Mason Inc has a 1-year low of $34.10 and a 1-year high of $47.13. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.58. The firm has a market cap of $3,414.57, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 0.65 and a beta of 2.19.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Wednesday, March 14th. Legg Mason’s payout ratio is 30.77%.
LM has been the topic of several research reports. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Wednesday, November 8th. Citigroup reaffirmed a “hold” rating and set a $42.00 price target on shares of Legg Mason in a report on Tuesday, December 26th. Credit Suisse Group lowered shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price target on the stock. in a report on Wednesday, January 3rd. Royal Bank of Canada lifted their price target on shares of Legg Mason to $57.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Finally, Morgan Stanley lifted their price target on shares of Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a report on Tuesday, January 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Legg Mason presently has an average rating of “Hold” and a consensus target price of $45.91.
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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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