GSA Capital Partners LLP Purchases New Holdings in Legg Mason, Inc. (LM)
GSA Capital Partners LLP purchased a new position in shares of Legg Mason, Inc. (NYSE:LM) in the second quarter, according to its most recent filing with the SEC. The firm purchased 22,651 shares of the asset manager’s stock, valued at approximately $864,000.
A number of other institutional investors have also modified their holdings of LM. FNY Partners Fund LP acquired a new stake in shares of Legg Mason during the 1st quarter worth approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Legg Mason by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after acquiring an additional 294 shares in the last quarter. Envestnet Asset Management Inc. lifted its position 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 acquiring an additional 1,100 shares during the period. Greenwich Investment Management Inc. acquired a new position in shares of Legg Mason during the 1st quarter valued at $219,000. Finally, Investment Centers of America Inc. acquired a new position in shares of Legg Mason during the 1st quarter valued at $226,000. Hedge funds and other institutional investors own 82.28% of the company’s stock.
A number of research firms have commented on LM. BidaskClub upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a research note on Friday, September 29th. Citigroup Inc. reiterated a “neutral” rating and set a $41.00 price objective (down previously from $43.00) on shares of Legg Mason in a report on Friday, August 11th. ValuEngine upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, TheStreet raised shares of Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Legg Mason currently has an average rating of “Hold” and a consensus price target of $42.44.
Shares of Legg Mason, Inc. (NYSE:LM) opened at 39.10 on Wednesday. The company has a 50 day moving average of $37.79 and a 200-day moving average of $37.95. Legg Mason, Inc. has a 12-month low of $28.10 and a 12-month high of $42.08. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 16.25 and a beta of 2.22.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The business had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. During the same quarter last year, the firm posted $0.68 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts predict 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. Stockholders of record on Thursday, October 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s dividend payout ratio is presently 46.47%.
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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