HighTower Advisors LLC Has $3.91 Million Position in Legg Mason, Inc. (LM)
HighTower Advisors LLC boosted its stake in shares of Legg Mason, Inc. (NYSE:LM) by 28.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,625 shares of the asset manager’s stock after buying an additional 22,869 shares during the period. HighTower Advisors LLC owned about 0.11% of Legg Mason worth $3,913,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Legg Mason by 1,729.5% during the 1st quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock valued at $286,448,000 after purchasing an additional 7,499,031 shares during the period. Laurion Capital Management LP purchased a new stake in shares of Legg Mason in the second quarter valued at $37,103,000. Macquarie Group Ltd. purchased a new stake in shares of Legg Mason in the first quarter valued at $33,594,000. LSV Asset Management boosted its position in shares of Legg Mason by 55.7% in the second quarter. LSV Asset Management now owns 2,183,004 shares of the asset manager’s stock worth $83,303,000 after buying an additional 780,708 shares during the period. Finally, Fairpointe Capital LLC boosted its position in shares of Legg Mason by 884.7% in the first quarter. Fairpointe Capital LLC now owns 452,000 shares of the asset manager’s stock worth $16,321,000 after buying an additional 406,100 shares during the period. Hedge funds and other institutional investors own 82.28% of the company’s stock.
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A number of brokerages have recently weighed in on LM. BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $47.00 price target on shares of Legg Mason in a research report on Friday, September 29th. Citigroup Inc. reissued a “neutral” rating and issued a $41.00 price objective (down from $43.00) on shares of Legg Mason in a research note on Friday, August 11th. ValuEngine raised Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Morgan Stanley restated an “equal weight” rating and set a $38.00 price objective (up from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.44.
Shares of Legg Mason, Inc. (NYSE LM) opened at 38.85 on Wednesday. The stock’s 50 day moving average price is $37.79 and its 200-day moving average price is $37.95. The stock has a market capitalization of $3.64 billion, a P/E ratio of 16.15 and a beta of 2.22. Legg Mason, Inc. has a 1-year low of $28.10 and a 1-year high of $42.08.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The firm had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 EPS. Equities research analysts anticipate that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.86%. Legg Mason’s dividend payout ratio (DPR) is 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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