Legg Mason Inc (LM) Position Trimmed by Cornerstone Capital Management Holdings LLC.

Cornerstone Capital Management Holdings LLC. cut its holdings in shares of Legg Mason Inc (NYSE:LM) by 15.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 437,375 shares of the asset manager’s stock after selling 77,437 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned about 0.52% of Legg Mason worth $18,360,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LM. Advisors Preferred LLC acquired a new stake in Legg Mason during the fourth quarter worth about $162,000. Bessemer Group Inc. increased its stake in Legg Mason by 219.1% during the fourth quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock worth $189,000 after acquiring an additional 3,089 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Legg Mason by 47.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after acquiring an additional 1,518 shares during the last quarter. Murphy Pohlad Asset Management LLC acquired a new stake in Legg Mason during the fourth quarter worth about $205,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Legg Mason during the third quarter worth about $224,000. Hedge funds and other institutional investors own 91.53% of the company’s stock.

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Shares of Legg Mason Inc (LM) opened at $41.00 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.58. Legg Mason Inc has a 12 month low of $34.10 and a 12 month high of $47.13. The stock has a market capitalization of $3,501.66, a PE ratio of 11.26, a PEG ratio of 0.67 and a beta of 2.16.

Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The business had revenue of $793.10 million during the quarter, compared to analyst estimates of $777.11 million. During the same quarter last year, the firm earned $0.50 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. analysts expect that Legg Mason Inc will post 3.65 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.73%. Legg Mason’s dividend payout ratio (DPR) is currently 30.77%.

Several brokerages have commented on LM. Deutsche Bank dropped their price target on Legg Mason from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Tuesday, March 6th. Morgan Stanley upped their price target on Legg Mason from $40.00 to $42.00 and gave the stock a “sell” rating in a research note on Tuesday, January 30th. Royal Bank of Canada upped their price target on Legg Mason to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Bank of America upped their price target on Legg Mason from $42.00 to $44.00 and gave the stock an “underperform” rating in a research note on Thursday, January 25th. Finally, Citigroup restated a “neutral” rating and set a $50.00 price target (up from $49.00) on shares of Legg Mason in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Legg Mason has an average rating of “Hold” and a consensus price target of $47.10.

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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.

Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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