Public Employees Retirement System of Ohio Buys 12,655 Shares of Legg Mason, Inc. (LM)
Public Employees Retirement System of Ohio grew its holdings in shares of Legg Mason, Inc. (NYSE:LM) by 30.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,710 shares of the asset manager’s stock after buying an additional 12,655 shares during the quarter. Public Employees Retirement System of Ohio owned 0.06% of Legg Mason worth $2,050,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Legg Mason by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after purchasing an additional 294 shares in the last quarter. QCM Cayman Ltd. purchased a new stake in Legg Mason in the second quarter valued at $200,000. Gotham Asset Management LLC acquired a new position in Legg Mason during the second quarter worth about $212,000. Institute for Wealth Management LLC. acquired a new position in Legg Mason during the second quarter worth about $224,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Legg Mason in the first quarter valued at approximately $243,000. 83.23% of the stock is currently owned by hedge funds and other institutional investors.
Legg Mason, Inc. (NYSE:LM) opened at $38.69 on Friday. The stock has a market cap of $3.61 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 0.92 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.74 and a quick ratio of 1.93.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.10. Legg Mason had a return on equity of 7.15% and a net margin of 8.46%. The business had revenue of $768.30 million during the quarter, compared to the consensus estimate of $739.47 million. During the same quarter last year, the firm posted $0.63 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. analysts predict that Legg Mason, Inc. will post 2.78 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Tuesday, December 19th. Legg Mason’s dividend payout ratio (DPR) is currently 43.75%.
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A number of equities analysts have weighed in on LM shares. Credit Suisse Group increased their price target on shares of Legg Mason from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Keefe, Bruyette & Woods restated a “buy” rating and set a $47.00 price target on shares of Legg Mason in a research report on Friday, September 29th. 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, August 11th. BidaskClub downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $38.00 price objective (up from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $43.11.
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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