Cambridge Investment Research Advisors Inc. Sells 493 Shares of Legg Mason Inc (NYSE:LM)

Cambridge Investment Research Advisors Inc. lessened its holdings in Legg Mason Inc (NYSE:LM) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,462 shares of the asset manager’s stock after selling 493 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Legg Mason were worth $400,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Machina Capital S.A.S. grew its holdings in shares of Legg Mason by 19.0% in the 2nd quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock worth $100,000 after purchasing an additional 424 shares during the last quarter. Teza Capital Management LLC grew its holdings in shares of Legg Mason by 4.3% in the 2nd quarter. Teza Capital Management LLC now owns 10,364 shares of the asset manager’s stock worth $397,000 after purchasing an additional 430 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Legg Mason by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 34,680 shares of the asset manager’s stock worth $1,328,000 after purchasing an additional 489 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Legg Mason by 4.0% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 16,780 shares of the asset manager’s stock worth $642,000 after purchasing an additional 645 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Legg Mason by 4.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 15,298 shares of the asset manager’s stock worth $585,000 after purchasing an additional 677 shares during the last quarter. 87.59% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:LM opened at $34.96 on Friday. Legg Mason Inc has a 12 month low of $23.25 and a 12 month high of $40.27. The company’s 50-day moving average price is $37.46 and its two-hundred day moving average price is $35.89. The company has a quick ratio of 1.41, a current ratio of 2.01 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.07 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.68 and a beta of 1.51.

Legg Mason (NYSE:LM) last issued its quarterly earnings data on Thursday, August 1st. The asset manager reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Legg Mason had a negative net margin of 1.72% and a positive return on equity of 7.24%. The firm had revenue of $705.36 million for the quarter, compared to analyst estimates of $708.70 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue was down 5.7% on a year-over-year basis. As a group, equities analysts predict that Legg Mason Inc will post 3.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend is Wednesday, October 9th. Legg Mason’s dividend payout ratio is currently 52.63%.

Several equities research analysts have recently weighed in on LM shares. Wells Fargo & Co lowered shares of Legg Mason from an “outperform” rating to a “market perform” rating and set a $43.00 target price on the stock. in a report on Friday, September 13th. Zacks Investment Research lowered shares of Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 target price on the stock. in a report on Monday, August 19th. Credit Suisse Group increased their price objective on shares of Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. ValuEngine lowered shares of Legg Mason from a “sell” rating to a “strong sell” rating in a report on Monday, October 7th. Finally, Evercore ISI reissued a “hold” rating and set a $36.00 price objective on shares of Legg Mason in a report on Tuesday, August 13th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $34.82.

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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