Allianz Asset Management AG lowered its position in Legg Mason Inc (NYSE:LM) by 69.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,253 shares of the asset manager’s stock after selling 38,509 shares during the period. Allianz Asset Management AG’s holdings in Legg Mason were worth $516,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of LM. Credit Agricole S A increased its stake in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock worth $147,000 after buying an additional 1,626 shares during the last quarter. Sii Investments Inc. WI increased its stake in Legg Mason by 48.9% in the fourth quarter. Sii Investments Inc. WI now owns 10,293 shares of the asset manager’s stock worth $309,000 after buying an additional 3,380 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in Legg Mason by 4.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 41,147 shares of the asset manager’s stock worth $1,226,000 after buying an additional 1,793 shares during the last quarter. Elkfork Partners LLC bought a new stake in Legg Mason during the fourth quarter worth about $711,000. Finally, Systematic Financial Management LP increased its stake in Legg Mason by 41.1% in the fourth quarter. Systematic Financial Management LP now owns 337,512 shares of the asset manager’s stock worth $10,095,000 after buying an additional 98,334 shares during the last quarter. Institutional investors and hedge funds own 78.75% of the company’s stock.

Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

Legg Mason Inc (NYSE:LM) traded down 0.58% during trading on Friday, hitting $37.56. 569,720 shares of the stock traded hands. The stock has a market cap of $3.66 billion, a PE ratio of 38.48 and a beta of 1.93. The company has a 50-day moving average price of $36.25 and a 200 day moving average price of $33.36. Legg Mason Inc has a one year low of $27.54 and a one year high of $38.99.

Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, February 1st. The asset manager reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.64 by $0.14. The company earned $715.20 million during the quarter, compared to analyst estimates of $714.13 million. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.45 EPS. 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 was paid on Monday, April 17th. Stockholders of record on Thursday, March 16th were paid a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, March 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. Legg Mason’s payout ratio is 87.13%.

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LM has been the subject of several research reports. Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Thursday, April 13th. Jefferies Group LLC boosted their target price on shares of Legg Mason from $37.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, February 2nd. Evercore ISI cut shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 target price on the stock. in a research report on Friday, March 3rd. Citigroup Inc reduced their target price on shares of Legg Mason from $40.50 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, January 25th. Finally, Barclays PLC reissued a “buy” rating and set a $37.00 target price on shares of Legg Mason in a research report on Friday, January 13th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $40.00.

In related news, Chairman Joseph A. Sullivan sold 29,744 shares of the firm’s stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $36.06, for a total transaction of $1,072,568.64. Following the completion of the sale, the chairman now owns 387,156 shares of the company’s stock, valued at $13,960,845.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas C. Merchant sold 6,595 shares of the firm’s stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $36.06, for a total value of $237,815.70. Following the sale, the vice president now directly owns 56,101 shares of the company’s stock, valued at approximately $2,023,002.06. The disclosure for this sale can be found here. In the last three months, insiders sold 49,664 shares of company stock valued at $1,775,160. Insiders own 1.94% of the company’s stock.

About Legg Mason

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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