Legg Mason, Inc. (LM) Stake Lessened by Nationwide Fund Advisors
Nationwide Fund Advisors decreased its position in Legg Mason, Inc. (NYSE:LM) by 1.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 157,681 shares of the asset manager’s stock after selling 2,407 shares during the period. Nationwide Fund Advisors owned about 0.17% of Legg Mason worth $6,017,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Neuberger Berman Group LLC increased its stake in shares of Legg Mason by 0.7% in the second quarter. Neuberger Berman Group LLC now owns 6,857 shares of the asset manager’s stock worth $262,000 after buying an additional 47 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Legg Mason by 2.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 6,904 shares of the asset manager’s stock valued at $263,000 after buying an additional 183 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in 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 buying an additional 294 shares during the last quarter. Cambria Investment Management L.P. raised its holdings in Legg Mason by 1.2% during the 1st quarter. Cambria Investment Management L.P. now owns 32,155 shares of the asset manager’s stock valued at $1,161,000 after buying an additional 393 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in Legg Mason by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 22,300 shares of the asset manager’s stock valued at $851,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 82.28% of the company’s stock.
A number of equities research analysts have issued reports on LM shares. Citigroup Inc. lowered shares of Legg Mason from a “buy” rating to a “neutral” rating in a report on Thursday, July 13th. BidaskClub raised shares of Legg Mason from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 21st. TheStreet raised shares of Legg Mason from a “c+” rating to a “b” rating in a research note on Friday, June 30th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $47.00 target price on shares of Legg Mason in a report on Friday, September 29th. Finally, ValuEngine upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $42.44.
Legg Mason, Inc. (LM) opened at 39.10 on Wednesday. The company has a market capitalization of $3.66 billion, a P/E ratio of 16.25 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. The company has a 50-day moving average of $37.79 and a 200-day moving average of $37.95.
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, beating 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 business’s revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share. Equities analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio is presently 46.47%.
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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