Geode Capital Management LLC raised its position in Legg Mason Inc (NYSE:LM) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 716,994 shares of the asset manager’s stock after purchasing an additional 3,920 shares during the period. Geode Capital Management LLC owned 0.85% of Legg Mason worth $30,099,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Advisors Preferred LLC bought a new position in Legg Mason in the 4th quarter valued at $162,000. Bessemer Group Inc. boosted its holdings in Legg Mason by 219.1% in the 4th quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock valued at $189,000 after purchasing an additional 3,089 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Legg Mason by 47.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock valued at $198,000 after purchasing an additional 1,518 shares during the period. Murphy Pohlad Asset Management LLC purchased a new stake in shares of Legg Mason during the 4th quarter valued at $205,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Legg Mason during the 3rd quarter valued at $224,000. 91.44% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on LM. Jefferies Group cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Citigroup restated a “neutral” rating and set a $50.00 price objective (up previously from $49.00) on shares of Legg Mason in a research report on Thursday, January 25th. Deutsche Bank lowered their price objective on shares of Legg Mason from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday, March 6th. Bank of America raised their price objective on shares of Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a research report on Thursday, January 25th. Finally, Credit Suisse Group cut shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a research report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $47.10.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, January 24th. The asset manager reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $793.10 million for the quarter, compared to analysts’ expectations of $777.11 million. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 EPS. sell-side analysts expect that Legg Mason Inc will post 3.65 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s payout ratio is presently 30.77%.
Legg Mason Company 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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