Rafferty Asset Management LLC Decreases Stake in Legg Mason Inc. (LM)
Rafferty Asset Management LLC decreased its stake in Legg Mason Inc. (NYSE:LM) by 88.7% during the second quarter, Holdings Channel reports. The institutional investor owned 11,330 shares of the company’s stock after selling 89,235 shares during the period. Rafferty Asset Management LLC’s holdings in Legg Mason were worth $334,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Olstein Capital Management L.P. increased its stake in Legg Mason by 8.8% in the second quarter. Olstein Capital Management L.P. now owns 558,400 shares of the company’s stock valued at $16,467,000 after buying an additional 45,000 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in Legg Mason by 135.0% in the second quarter. Oppenheimer & Co. Inc. now owns 13,928 shares of the company’s stock valued at $411,000 after buying an additional 8,000 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Legg Mason during the second quarter valued at approximately $3,474,000. Pax World Management LLC increased its stake in Legg Mason by 16.0% in the second quarter. Pax World Management LLC now owns 467,833 shares of the company’s stock valued at $13,796,000 after buying an additional 64,688 shares during the last quarter. Finally, Gyroscope Capital Management Group LLC increased its stake in Legg Mason by 0.6% in the second quarter. Gyroscope Capital Management Group LLC now owns 18,329 shares of the company’s stock valued at $541,000 after buying an additional 116 shares during the last quarter. 78.65% of the stock is owned by institutional investors.
Shares of Legg Mason Inc. (NYSE:LM) traded down 0.62% on Tuesday, hitting $33.60. The company had a trading volume of 414,068 shares. Legg Mason Inc. has a 1-year low of $24.93 and a 1-year high of $46.41. The company has a 50 day moving average price of $34.12 and a 200 day moving average price of $32.91. The firm’s market capitalization is $3.48 billion.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The business earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. During the same quarter in the prior year, the company posted $1.14 earnings per share. Legg Mason’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Legg Mason Inc. will post $2.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, October 4th. This represents a $0.88 annualized dividend and a yield of 2.60%. Legg Mason’s dividend payout ratio (DPR) is currently -103.53%.
Several brokerages have issued reports on LM. Zacks Investment Research raised Legg Mason from a “strong sell” rating to a “buy” rating and set a $33.00 price target for the company in a report on Monday, July 11th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $4.00 price target on shares of Legg Mason in a report on Monday, September 12th. Jefferies Group reaffirmed a “buy” rating and set a $36.00 price target (down previously from $39.00) on shares of Legg Mason in a report on Monday, July 11th. Finally, Morgan Stanley raised their price target on Legg Mason from $37.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $37.20.
In related news, major shareholder Tian Qiao Chen sold 16,000 shares of the company’s stock in a transaction on Wednesday, June 22nd. The stock was sold at an average price of $32.11, for a total transaction of $513,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.94% 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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