Credit Agricole S A raised its position in Legg Mason, Inc. (NYSE:LM) by 63.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,049 shares of the asset manager’s stock after buying an additional 3,121 shares during the period. Credit Agricole S A’s holdings in Legg Mason were worth $291,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the company. Rafferty Asset Management LLC bought a new stake in Legg Mason during the first quarter worth about $688,000. BB&T Securities LLC bought a new stake in Legg Mason during the first quarter worth about $811,000. AXA bought a new stake in Legg Mason during the first quarter worth about $1,769,000. Comerica Securities Inc. bought a new stake in Legg Mason during the first quarter worth about $2,554,000. Finally, Asset Management One Co. Ltd. boosted its stake in Legg Mason by 10.2% in the first quarter. Asset Management One Co. Ltd. now owns 45,330 shares of the asset manager’s stock worth $1,649,000 after buying an additional 4,183 shares during the last quarter. 80.05% of the stock is owned by hedge funds and other institutional investors.
Legg Mason, Inc. (LM) traded up 0.76% during midday trading on Friday, reaching $39.59. The company had a trading volume of 1,546,005 shares. The company has a market cap of $3.80 billion, a PE ratio of 16.45 and a beta of 2.19. The company’s 50-day moving average is $39.53 and its 200 day moving average is $36.91. Legg Mason, Inc. has a 52-week low of $28.10 and a 52-week high of $42.08.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. The firm had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. On average, equities research analysts forecast that Legg Mason, Inc. will post $2.26 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.83%. Legg Mason’s payout ratio is 46.47%.
LM has been the topic of a number of recent analyst reports. BidaskClub cut shares of Legg Mason from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Jefferies Group LLC boosted their price target on shares of Legg Mason from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Morgan Stanley reiterated an “equal weight” rating and issued a $38.00 price target (up from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $43.00 price target on shares of Legg Mason in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $41.00.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ursula Schliessler sold 1,745 shares of Legg Mason stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.39, for a total value of $65,245.55. Following the completion of the transaction, the chief accounting officer now owns 14,445 shares in the company, valued at approximately $540,098.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,243,022 shares of company stock valued at $163,047,076. Insiders own 12.70% of the company’s stock.
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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