Gargoyle Investment Advisor L.L.C. boosted its position in shares of Legg Mason Inc. (NYSE:LM) by 7.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,216 shares of the company’s stock after buying an additional 4,700 shares during the period. Gargoyle Investment Advisor L.L.C.’s holdings in Legg Mason were worth $2,130,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Legg Mason during the fourth quarter worth approximately $37,380,000. Junto Capital Management LP bought a new position in Legg Mason during the first quarter worth approximately $28,672,000. Clarkston Capital Partners LLC raised its position in Legg Mason by 21.6% in the second quarter. Clarkston Capital Partners LLC now owns 2,478,050 shares of the company’s stock worth $73,078,000 after buying an additional 439,825 shares in the last quarter. Wellington Management Group LLP raised its position in Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock worth $26,559,000 after buying an additional 421,217 shares in the last quarter. Finally, Moore Capital Management LP raised its position in Legg Mason by 816.0% in the first quarter. Moore Capital Management LP now owns 300,000 shares of the company’s stock worth $10,404,000 after buying an additional 267,248 shares in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.
Legg Mason Inc. (NYSE:LM) traded down 0.03% during midday trading on Monday, hitting $33.47. The stock had a trading volume of 994,182 shares. The company’s market cap is $3.47 billion. Legg Mason Inc. has a 12 month low of $24.93 and a 12 month high of $46.41. The firm’s 50-day moving average price is $34.07 and its 200 day moving average price is $32.98.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The company earned $700.20 million during the quarter, compared to analyst estimates of $681.99 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. Legg Mason’s revenue was down 1.2% compared to the same quarter last year. On average, analysts expect that Legg Mason Inc. will post $2.31 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s payout ratio is currently -103.53%.
A number of equities analysts recently commented on LM shares. Citigroup Inc. reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Legg Mason in a research note on Thursday, June 30th. Zacks Investment Research lowered Legg Mason from a “hold” rating to a “strong sell” rating in a research note on Monday, July 4th. Jefferies Group reaffirmed a “buy” rating and issued a $36.00 price objective (down from $39.00) on shares of Legg Mason in a research note on Monday, July 11th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Finally, Morgan Stanley lifted their price objective on Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $37.20.
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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