Seven Eight Capital LP Invests $282,000 in Legg Mason, Inc. (LM) Stock
Seven Eight Capital LP purchased a new position in Legg Mason, Inc. (NYSE:LM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,379 shares of the asset manager’s stock, valued at approximately $282,000.
A number of other institutional investors have also recently made changes to their positions in the business. FNY Partners Fund LP bought a new stake in shares of Legg Mason during the 1st quarter valued at about $109,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Legg Mason by 10.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after purchasing an additional 294 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Legg Mason by 23.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after purchasing an additional 1,100 shares in the last quarter. CIBC World Markets Inc. bought a new stake in shares of Legg Mason during the 1st quarter valued at about $219,000. Finally, Greenwich Investment Management Inc. bought a new stake in shares of Legg Mason during the 1st quarter valued at about $219,000. 82.28% of the stock is currently owned by institutional investors and hedge funds.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the transaction, the director now directly owns 3,383 shares in the company, valued at approximately $130,008.69. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.70% of the stock is owned by corporate insiders.
LM has been the topic of a number of research reports. Credit Suisse Group reaffirmed a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research note on Sunday, July 9th. Royal Bank Of Canada initiated coverage on shares of Legg Mason in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 target price on the stock. BidaskClub raised shares of Legg Mason from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $43.00 target price on shares of Legg Mason in a research note on Tuesday, May 30th. Finally, Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $42.00.
Legg Mason, Inc. (LM) opened at 38.21 on Tuesday. The company’s 50-day moving average is $37.78 and its 200-day moving average is $37.79. Legg Mason, Inc. has a 12 month low of $28.10 and a 12 month high of $42.08. The stock has a market capitalization of $3.58 billion, a PE ratio of 15.88 and a beta of 2.21.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The company had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. During the same period in the prior year, the business earned $0.68 EPS. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. Equities research analysts forecast that Legg Mason, Inc. will post $2.26 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.93%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s payout ratio is 46.47%.
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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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