Northwestern Mutual Investment Management Company LLC cut its position in shares of Legg Mason Inc (NYSE:LM) by 3.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,946 shares of the asset manager’s stock after selling 547 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Legg Mason were worth $540,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the stock. Pax World Management LLC boosted its stake in shares of Legg Mason by 16.6% in the third quarter. Pax World Management LLC now owns 545,347 shares of the asset manager’s stock worth $18,258,000 after buying an additional 77,514 shares during the period. AQR Capital Management LLC boosted its stake in shares of Legg Mason by 105.0% in the fourth quarter. AQR Capital Management LLC now owns 147,631 shares of the asset manager’s stock worth $4,416,000 after buying an additional 75,608 shares during the period. Auxier Asset Management boosted its stake in shares of Legg Mason by 25.4% in the fourth quarter. Auxier Asset Management now owns 39,545 shares of the asset manager’s stock worth $1,183,000 after buying an additional 8,000 shares during the period. Comerica Bank boosted its stake in shares of Legg Mason by 531.5% in the fourth quarter. Comerica Bank now owns 140,517 shares of the asset manager’s stock worth $4,532,000 after buying an additional 118,266 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of Legg Mason by 4.5% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 172,076 shares of the asset manager’s stock worth $5,147,000 after buying an additional 7,333 shares during the period. 78.75% of the stock is owned by institutional investors.

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

Legg Mason Inc (LM) opened at 38.03 on Monday. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 17.44 and a beta of 1.93. Legg Mason Inc has a one year low of $27.54 and a one year high of $38.99. The firm has a 50-day moving average of $37.51 and a 200 day moving average of $34.74.

Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The company had revenue of $723.13 million during the quarter, compared to analyst estimates of $701.50 million. During the same period in the prior year, the firm earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts predict that Legg Mason Inc will post $2.26 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, June 9th. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 dividend on an annualized basis and a yield of 2.95%. Legg Mason’s payout ratio is currently 87.13%.

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Several brokerages have weighed in on LM. Evercore ISI cut shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price target for the company. in a research report on Friday, March 3rd. Jefferies Group LLC increased their price target on shares of Legg Mason from $41.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Zacks Investment Research cut shares of Legg Mason from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. ValuEngine cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Finally, Keefe, Bruyette & Woods reissued 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, three have assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $39.29.

In related news, CAO Ursula Schliessler sold 1,745 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $37.39, for a total value of $65,245.55. Following the transaction, the chief accounting officer now owns 14,445 shares in the company, valued at approximately $540,098.55. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Terence Johnson sold 13,325 shares of the stock in a transaction that occurred on Friday, March 24th. The stock was sold at an average price of $34.88, for a total transaction of $464,776.00. Following the completion of the transaction, the insider now owns 122,517 shares in the company, valued at approximately $4,273,392.96. The disclosure for this sale can be found here. Insiders sold 23,847 shares of company stock valued at $856,877 over the last quarter. 1.94% of the stock is currently owned by corporate 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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