Shelton Capital Management Decreases Position in Legg Mason, Inc. (LM)
Shelton Capital Management decreased its position in shares of Legg Mason, Inc. (NYSE:LM) by 29.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,340 shares of the asset manager’s stock after selling 3,000 shares during the period. Shelton Capital Management’s holdings in Legg Mason were worth $289,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of LM. Zurcher Kantonalbank Zurich Cantonalbank raised its position in 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 purchasing an additional 294 shares in the last quarter. QCM Cayman Ltd. acquired a new stake in Legg Mason in the 2nd quarter valued at about $200,000. Gotham Asset Management LLC acquired a new stake in Legg Mason in the 2nd quarter valued at about $212,000. Institute for Wealth Management LLC. acquired a new stake in Legg Mason in the 2nd quarter valued at about $224,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Legg Mason in the 3rd quarter valued at about $224,000. 82.58% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have issued reports on LM. Royal Bank of Canada reaffirmed a “buy” rating and issued a $49.00 price target on shares of Legg Mason in a research report on Friday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a research report on Friday, September 29th. Morgan Stanley downgraded Legg Mason from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $37.00 to $36.00 in a report on Thursday, October 5th. Credit Suisse Group increased their price objective on Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, October 26th. Finally, Zacks Investment Research downgraded Legg Mason from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $43.30.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The business had revenue of $768.30 million for the quarter, compared to the consensus estimate of $739.47 million. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. sell-side analysts forecast that Legg Mason, Inc. will post 2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Wednesday, December 20th will be paid a dividend of $0.28 per share. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.74%. Legg Mason’s dividend payout ratio is presently 43.75%.
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Legg Mason 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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