Clarkston Capital Partners LLC Has $138.70 Million Stake in Legg Mason Inc (LM)
Clarkston Capital Partners LLC increased its stake in Legg Mason Inc (NYSE:LM) by 3.8% in the fourth quarter, Holdings Channel reports. The fund owned 3,303,897 shares of the asset manager’s stock after purchasing an additional 119,604 shares during the period. Legg Mason makes up about 5.4% of Clarkston Capital Partners LLC’s portfolio, making the stock its 3rd biggest position. Clarkston Capital Partners LLC’s holdings in Legg Mason were worth $138,698,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LM. UBS Oconnor LLC bought a new stake in shares of Legg Mason in the 2nd quarter valued at about $13,055,000. Cornerstone Capital Management Holdings LLC. increased its holdings in Legg Mason by 164.8% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 514,812 shares of the asset manager’s stock valued at $20,236,000 after purchasing an additional 320,376 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Legg Mason during the 2nd quarter valued at about $9,946,000. First Trust Advisors LP increased its holdings in Legg Mason by 153.7% during the 3rd quarter. First Trust Advisors LP now owns 346,610 shares of the asset manager’s stock valued at $13,625,000 after purchasing an additional 209,971 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Legg Mason by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock valued at $282,352,000 after purchasing an additional 174,167 shares during the period. 82.43% of the stock is owned by institutional investors.
Legg Mason Inc (LM) traded up $0.74 during mid-day trading on Monday, hitting $44.70. The company’s stock had a trading volume of 640,400 shares, compared to its average volume of 919,500. Legg Mason Inc has a 1 year low of $30.81 and a 1 year high of $44.76. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.79. The stock has a market cap of $4,109.61, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 1.07 and a beta of 2.27.
The company also recently announced a quarterly dividend, which was paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.51%. Legg Mason’s dividend payout ratio (DPR) is 43.75%.
A number of research analysts recently issued reports on LM shares. Keefe, Bruyette & Woods restated a “buy” rating and set a $47.00 price target on shares of Legg Mason in a report on Friday, September 29th. Royal Bank of Canada set a $47.00 price target on Legg Mason and gave the company a “buy” rating in a report on Wednesday, October 18th. Deutsche Bank began coverage on Legg Mason in a report on Tuesday, October 17th. They set a “buy” rating and a $44.00 price target on the stock. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday, November 8th. Finally, Citigroup reiterated a “hold” rating and set a $42.00 target price on shares of Legg Mason in a report on Tuesday, December 26th. Two investment 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 stock. The company currently has an average rating of “Hold” and a consensus price target of $43.90.
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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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