Convergence Investment Partners LLC Invests $6 Million in Legg Mason, Inc. (NYSE:LM)
Convergence Investment Partners LLC bought a new position in Legg Mason, Inc. (NYSE:LM) during the second quarter, Holdings Channel reports. The firm bought 157,340 shares of the asset manager’s stock, valued at approximately $6,004,000. Legg Mason comprises about 0.9% of Convergence Investment Partners LLC’s portfolio, making the stock its 12th largest position.
Several other hedge funds and other institutional investors have also bought and sold shares of LM. BlackRock Inc. increased its stake in Legg Mason by 1,729.5% in the first quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock valued at $286,448,000 after buying an additional 7,499,031 shares during the period. Vanguard Group Inc. increased its stake in Legg Mason by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock valued at $260,895,000 after buying an additional 111,523 shares during the period. Dimensional Fund Advisors LP increased its stake in Legg Mason by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,281,797 shares of the asset manager’s stock valued at $118,506,000 after buying an additional 88,706 shares during the period. LSV Asset Management increased its stake in Legg Mason by 5.4% in the first quarter. LSV Asset Management now owns 1,402,296 shares of the asset manager’s stock valued at $50,636,000 after buying an additional 72,470 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Legg Mason by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 1,168,567 shares of the asset manager’s stock valued at $42,196,000 after buying an additional 51,264 shares during the period. 80.02% of the stock is currently owned by institutional investors and hedge funds.
Legg Mason, Inc. (NYSE:LM) opened at 37.45 on Friday. The firm has a market cap of $3.51 billion, a PE ratio of 15.57 and a beta of 2.20. The firm has a 50-day moving average price of $39.19 and a 200-day moving average price of $37.34. Legg Mason, Inc. has a one year low of $28.10 and a one year high of $42.08.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The firm had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The company’s revenue was up 13.4% compared to the same quarter last year. On average, equities analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is currently 46.47%.
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A number of analysts have recently weighed in on the company. Citigroup Inc. cut their target price on Legg Mason from $43.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. ValuEngine upgraded Legg Mason from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $38.00 target price (up from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $41.11.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the sale, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 12.70% of the company’s stock.
Legg Mason Company 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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