California State Teachers Retirement System reduced its holdings in Legg Mason Inc (NYSE:LM) by 1.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 141,163 shares of the asset manager’s stock after selling 2,283 shares during the quarter. California State Teachers Retirement System’s holdings in Legg Mason were worth $3,864,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Amundi Pioneer Asset Management Inc. acquired a new position in Legg Mason in the 4th quarter valued at approximately $104,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in Legg Mason by 9.8% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock valued at $159,000 after acquiring an additional 559 shares during the period. US Bancorp DE increased its position in Legg Mason by 80.8% in the 1st quarter. US Bancorp DE now owns 6,339 shares of the asset manager’s stock valued at $174,000 after acquiring an additional 2,832 shares during the period. HighPoint Advisor Group LLC acquired a new position in Legg Mason in the 4th quarter valued at approximately $205,000. Finally, KMG Fiduciary Partners LLC acquired a new position in Legg Mason in the 1st quarter valued at approximately $208,000. Hedge funds and other institutional investors own 84.51% of the company’s stock.

A number of equities research analysts have recently commented on LM shares. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Monday, May 20th. Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. ValuEngine raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Finally, Royal Bank of Canada upped their price objective on shares of Legg Mason to $39.00 and gave the company an “in-line” rating in a research note on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $33.22.

In related news, CAO Ursula Schliessler sold 3,608 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.03, for a total transaction of $129,996.24. Following the transaction, the chief accounting officer now directly owns 27,495 shares of the company’s stock, valued at $990,644.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Thomas C. Merchant sold 5,582 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.11, for a total transaction of $201,566.02. Following the transaction, the vice president now directly owns 78,586 shares in the company, valued at $2,837,740.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,378 shares of company stock worth $2,292,180. 4.33% of the stock is owned by insiders.

NYSE:LM opened at $36.68 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.36 and a current ratio of 1.82. Legg Mason Inc has a 52 week low of $23.25 and a 52 week high of $37.61. The firm has a market capitalization of $3.18 billion, a PE ratio of 12.07, a PEG ratio of 0.69 and a beta of 1.52.

Legg Mason (NYSE:LM) last posted its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.16. The company had revenue of $692.60 million for the quarter, compared to analyst estimates of $699.24 million. Legg Mason had a negative net margin of 0.98% and a positive return on equity of 7.30%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. Equities research analysts forecast that Legg Mason Inc will post 3.25 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Tuesday, July 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, July 1st. This is a positive change from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 4.36%. Legg Mason’s dividend payout ratio is currently 44.74%.

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About Legg Mason

Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.

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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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