ING Groep NV lessened its holdings in shares of Legg Mason Inc (NYSE:LM) by 25.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,902 shares of the asset manager’s stock after selling 2,759 shares during the period. ING Groep NV’s holdings in Legg Mason were worth $332,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. LSV Asset Management lifted its holdings in shares of Legg Mason by 23.1% during the 4th quarter. LSV Asset Management now owns 3,469,278 shares of the asset manager’s stock valued at $145,640,000 after purchasing an additional 650,160 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Legg Mason by 2.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,327,388 shares of the asset manager’s stock valued at $130,800,000 after purchasing an additional 81,952 shares in the last quarter. Clarkston Capital Partners LLC lifted its holdings in shares of Legg Mason by 3.8% during the 4th quarter. Clarkston Capital Partners LLC now owns 3,303,897 shares of the asset manager’s stock valued at $138,698,000 after purchasing an additional 119,604 shares in the last quarter. Gabelli Funds LLC lifted its holdings in shares of Legg Mason by 3.2% during the 3rd quarter. Gabelli Funds LLC now owns 1,536,000 shares of the asset manager’s stock valued at $60,380,000 after purchasing an additional 48,000 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Legg Mason by 10.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,249,737 shares of the asset manager’s stock valued at $49,127,000 after purchasing an additional 114,107 shares in the last quarter. Institutional investors and hedge funds own 87.91% of the company’s stock.
Several equities research analysts have commented on the company. Citigroup restated a “neutral” rating and issued a $50.00 target price (up previously from $49.00) on shares of Legg Mason in a research note on Thursday, January 25th. Jefferies Group cut Legg Mason from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Bank of America boosted their target price on Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a research note on Thursday, January 25th. Credit Suisse Group cut Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 target price on the stock. in a research note on Wednesday, January 3rd. Finally, Morgan Stanley boosted their target price on Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research note on Tuesday, January 30th. Three research 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 company. Legg Mason currently has an average rating of “Hold” and an average target price of $45.91.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.18. The firm had revenue of $793.10 million for the quarter, compared to analyst estimates of $777.11 million. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 EPS. sell-side analysts forecast that Legg Mason Inc will post 3.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is 30.77%.
Legg Mason 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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