Legg Mason, Inc. (LM) Holdings Trimmed by Utah Retirement Systems
Utah Retirement Systems decreased its holdings in Legg Mason, Inc. (NYSE:LM) by 12.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,747 shares of the asset manager’s stock after selling 2,300 shares during the quarter. Utah Retirement Systems’ holdings in Legg Mason were worth $601,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. Robeco Institutional Asset Management B.V. purchased a new position in Legg Mason in the 2nd quarter worth about $529,000. Prudential Financial Inc. increased its position in shares of Legg Mason by 20.6% during the 2nd quarter. Prudential Financial Inc. now owns 66,213 shares of the asset manager’s stock valued at $2,527,000 after purchasing an additional 11,314 shares during the last quarter. GHP Investment Advisors Inc. increased its position in shares of Legg Mason by 19.0% during the 2nd quarter. GHP Investment Advisors Inc. now owns 35,192 shares of the asset manager’s stock valued at $1,343,000 after purchasing an additional 5,607 shares during the last quarter. Great Lakes Advisors LLC increased its position in shares of Legg Mason by 162.4% during the 2nd quarter. Great Lakes Advisors LLC now owns 268,465 shares of the asset manager’s stock valued at $10,245,000 after purchasing an additional 166,162 shares during the last quarter. Finally, Strategy Asset Managers LLC increased its position in shares of Legg Mason by 2.6% during the 2nd quarter. Strategy Asset Managers LLC now owns 278,787 shares of the asset manager’s stock valued at $10,639,000 after purchasing an additional 7,115 shares during the last quarter. 82.31% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on LM shares. BidaskClub lowered shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Morgan Stanley reaffirmed an “equal weight” rating and set a $38.00 price target (up previously from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Citigroup Inc. reaffirmed a “neutral” rating and set a $41.00 price target (down previously from $43.00) on shares of Legg Mason in a research report on Friday, August 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $43.00 price target on shares of Legg Mason in a research report on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $42.00.
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In other news, Director Tian Qiao Chen sold 4,232,500 shares of the firm’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares in the company, valued at $130,008.69. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 12.70% of the company’s stock.
Legg Mason, Inc. (NYSE:LM) opened at 37.84 on Thursday. The company has a market capitalization of $3.54 billion, a P/E ratio of 15.73 and a beta of 2.21. The company’s 50 day moving average price is $38.05 and its 200-day moving average price is $37.78. Legg Mason, Inc. has a 52 week low of $28.10 and a 52 week high of $42.08.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the 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 analysts’ expectations of $766.60 million. During the same period last year, the business posted $0.68 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities research analysts expect that Legg Mason, Inc. will post $2.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s payout ratio is 46.47%.
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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