Capital World Investors Has $34,927,000 Position in Legg Mason, Inc. (LM)
Capital World Investors continued to hold its position in shares of Legg Mason, Inc. (NYSE:LM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 915,285 shares of the asset manager’s stock at the close of the 2nd quarter. Capital World Investors owned 0.98% of Legg Mason worth $34,927,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Legg Mason by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock worth $260,895,000 after purchasing an additional 111,523 shares during the period. WBI Investments Inc. acquired a new stake in Legg Mason in the second quarter worth $1,654,000. Legal & General Group Plc raised its holdings in Legg Mason by 46.1% in the first quarter. Legal & General Group Plc now owns 123,073 shares of the asset manager’s stock worth $4,445,000 after purchasing an additional 38,833 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Legg Mason by 58.9% in the second quarter. BNP Paribas Arbitrage SA now owns 39,569 shares of the asset manager’s stock worth $1,510,000 after purchasing an additional 14,673 shares during the period. Finally, North Star Asset Management Inc. acquired a new stake in Legg Mason in the first quarter worth $234,000. Institutional investors own 82.28% of the company’s stock.
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LM has been the topic of several analyst reports. TheStreet upgraded shares of Legg Mason from a “c+” rating to a “b” rating in a report on Friday, June 30th. Credit Suisse Group reiterated a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a report on Sunday, July 9th. Royal Bank Of Canada reiterated a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a report on Friday, July 28th. BidaskClub upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, ValuEngine upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Legg Mason has an average rating of “Hold” and a consensus price target of $42.75.
Shares of Legg Mason, Inc. (LM) opened at 38.39 on Friday. Legg Mason, Inc. has a one year low of $28.10 and a one year high of $42.08. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 15.96 and a beta of 2.22. The company’s 50 day moving average is $37.86 and its 200-day moving average is $37.98.
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. The business had revenue of $793.80 million for 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%. Legg Mason’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. Equities analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend 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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