Pacer Advisors Inc. lowered its stake in Legg Mason Inc (NYSE:LM) by 13.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,306 shares of the asset manager’s stock after selling 4,727 shares during the period. Pacer Advisors Inc.’s holdings in Legg Mason were worth $1,119,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in LM. Cerebellum GP LLC boosted its stake in Legg Mason by 25.3% in the third quarter. Cerebellum GP LLC now owns 11,205 shares of the asset manager’s stock valued at $428,000 after acquiring an additional 2,265 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Legg Mason by 57.8% in the third quarter. State of Alaska Department of Revenue now owns 14,502 shares of the asset manager’s stock valued at $553,000 after purchasing an additional 5,309 shares during the period. Macquarie Group Ltd. raised its position in shares of Legg Mason by 0.6% in the second quarter. Macquarie Group Ltd. now owns 1,318,349 shares of the asset manager’s stock valued at $50,466,000 after purchasing an additional 8,188 shares during the period. American International Group Inc. raised its position in shares of Legg Mason by 5.5% in the second quarter. American International Group Inc. now owns 294,873 shares of the asset manager’s stock valued at $11,288,000 after purchasing an additional 15,294 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in shares of Legg Mason in the second quarter valued at approximately $5,693,000. 86.02% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently weighed in on LM shares. Barclays reaffirmed a “hold” rating and set a $38.00 target price on shares of Legg Mason in a report on Wednesday, October 9th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Legg Mason in a report on Thursday, October 31st. ValuEngine lowered shares of Legg Mason from a “sell” rating to a “strong sell” rating in a report on Monday, October 7th. Evercore ISI reissued a “hold” rating and issued a $36.00 price target on shares of Legg Mason in a research note on Tuesday, August 13th. Finally, Credit Suisse Group boosted their price target on shares of Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $34.50.
NYSE LM traded up $0.02 during trading on Friday, hitting $38.15. The company had a trading volume of 330,612 shares, compared to its average volume of 855,261. The company has a current ratio of 2.01, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average is $36.84 and its 200-day moving average is $36.80. The company has a market cap of $3.40 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 0.94 and a beta of 1.51. Legg Mason Inc has a one year low of $23.25 and a one year high of $40.27.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, October 30th. The asset manager reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.09. The business had revenue of $743.30 million during the quarter, compared to analyst estimates of $720.83 million. Legg Mason had a negative net margin of 1.93% and a positive return on equity of 7.70%. Legg Mason’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the business earned $0.82 EPS. As a group, equities analysts anticipate that Legg Mason Inc will post 3.62 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 20th. Shareholders of record on Tuesday, December 24th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Monday, December 23rd. Legg Mason’s payout ratio is 52.63%.
About Legg Mason
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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