Sit Investment Associates Inc. Sells 526,678 Shares of Legg Mason Inc. (LM)
Sit Investment Associates Inc. cut its stake in shares of Legg Mason Inc. (NYSE:LM) by 35.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 946,650 shares of the company’s stock after selling 526,678 shares during the period. Sit Investment Associates Inc. owned about 0.90% of Legg Mason worth $27,917,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in LM. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Legg Mason by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,881,436 shares of the company’s stock worth $99,928,000 after buying an additional 31,592 shares during the last quarter. Clarkston Capital Partners LLC raised its position in shares of Legg Mason by 21.6% in the second quarter. Clarkston Capital Partners LLC now owns 2,478,050 shares of the company’s stock worth $73,078,000 after buying an additional 439,825 shares during the period. Geode Capital Management LLC raised its position in shares of Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock worth $35,467,000 after buying an additional 150,734 shares during the period. Norges Bank acquired a new position in shares of Legg Mason during the fourth quarter worth approximately $37,380,000. Finally, BlackRock Group LTD raised its position in shares of Legg Mason by 2.8% in the first quarter. BlackRock Group LTD now owns 884,292 shares of the company’s stock worth $30,667,000 after buying an additional 24,217 shares during the period. 78.66% of the stock is owned by institutional investors and hedge funds.
Legg Mason Inc. (NYSE:LM) traded up 3.17% on Wednesday, reaching $34.20. The company’s stock had a trading volume of 1,126,646 shares. The company has a 50-day moving average price of $34.04 and a 200 day moving average price of $32.96. The company’s market cap is $3.54 billion. Legg Mason Inc. has a 12 month low of $24.93 and a 12 month high of $46.41.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The firm earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.14 EPS. On average, equities research analysts anticipate that Legg Mason Inc. will post $2.31 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 annualized dividend and a yield of 2.65%. Legg Mason’s dividend payout ratio is presently -103.53%.
LM has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $4.00 price target on shares of Legg Mason in a report on Monday, September 12th. Zacks Investment Research upgraded Legg Mason from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 27th. Citigroup Inc. upped their price target on Legg Mason from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Jefferies Group reiterated a “buy” rating and set a $36.00 price target (down from $39.00) on shares of Legg Mason in a report on Monday, July 11th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $37.20.
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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