Legg Mason, Inc. (LM) Shares Sold by Olstein Capital Management L.P.
Olstein Capital Management L.P. cut its position in Legg Mason, Inc. (NYSE:LM) by 21.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 342,820 shares of the asset manager’s stock after selling 95,850 shares during the period. Legg Mason comprises about 1.7% of Olstein Capital Management L.P.’s holdings, making the stock its 9th largest position. Olstein Capital Management L.P.’s holdings in Legg Mason were worth $13,082,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Gargoyle Investment Advisor L.L.C. increased its stake in Legg Mason by 5.9% in the second quarter. Gargoyle Investment Advisor L.L.C. now owns 77,892 shares of the asset manager’s stock worth $2,972,000 after buying an additional 4,322 shares during the last quarter. Convergence Investment Partners LLC purchased a new stake in Legg Mason during the second quarter worth about $6,004,000. First Trust Advisors LP increased its stake in Legg Mason by 495.8% in the second quarter. First Trust Advisors LP now owns 136,639 shares of the asset manager’s stock worth $5,214,000 after buying an additional 113,704 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Legg Mason by 2.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 363,061 shares of the asset manager’s stock worth $13,855,000 after buying an additional 10,186 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC purchased a new stake in Legg Mason during the second quarter worth about $1,431,000. 80.68% of the stock is currently owned by institutional investors and hedge funds.
Legg Mason, Inc. (LM) opened at 37.97 on Tuesday. The company has a market cap of $3.55 billion, a P/E ratio of 15.78 and a beta of 2.20. The stock’s 50 day moving average price is $39.15 and its 200 day moving average price is $37.44. Legg Mason, Inc. has a 52-week low of $28.10 and a 52-week high of $42.08.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, beating 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 quarter last year, the firm earned $0.68 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts expect that Legg Mason, Inc. will post $2.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.95%. Legg Mason’s dividend payout ratio is presently 46.47%.
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A number of analysts have issued reports on the company. Citigroup Inc. reaffirmed a “neutral” rating and issued a $41.00 price objective (down previously from $43.00) on shares of Legg Mason in a research note on Friday. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a research note on Friday, July 28th. Morgan Stanley reissued an “equal weight” rating and set a $38.00 target price (up previously from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Finally, Credit Suisse Group reissued a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research report on Sunday, July 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Legg Mason presently has a consensus rating of “Hold” and an average price target of $41.11.
In related news, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction that occurred on 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 sale, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.70% of the stock is currently owned by company insiders.
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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