Macquarie Group Ltd. raised its holdings in Legg Mason, Inc. (NYSE:LM) by 7.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,031,644 shares of the asset manager’s stock after purchasing an additional 71,566 shares during the period. Macquarie Group Ltd. owned approximately 1.10% of Legg Mason worth $40,554,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriprise Financial Inc. lifted its holdings in shares of Legg Mason by 31.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 364,409 shares of the asset manager’s stock worth $14,325,000 after acquiring an additional 86,389 shares during the period. Russell Investments Group Ltd. lifted its stake in Legg Mason by 256.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 25,196 shares of the asset manager’s stock valued at $990,000 after purchasing an additional 18,126 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Legg Mason by 10.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,249,737 shares of the asset manager’s stock valued at $49,127,000 after purchasing an additional 114,107 shares during the last quarter. Strategy Asset Managers LLC lifted its stake in Legg Mason by 0.6% in the 3rd quarter. Strategy Asset Managers LLC now owns 280,552 shares of the asset manager’s stock valued at $11,028,000 after purchasing an additional 1,765 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in Legg Mason by 84.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 72,986 shares of the asset manager’s stock valued at $2,869,000 after purchasing an additional 33,417 shares during the last quarter. 82.58% of the stock is owned by hedge funds and other institutional investors.
LM has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Wednesday, November 8th. Deutsche Bank initiated coverage on shares of Legg Mason in a research report on Tuesday, October 17th. They set a “buy” rating and a $44.00 price objective for the company. Royal Bank Of Canada set a $47.00 price objective on shares of Legg Mason and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a research report on Friday, September 29th. Finally, Jefferies Group reiterated a “buy” rating and set a $49.00 price objective on shares of Legg Mason in a research report on Sunday, August 20th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $43.10.
Legg Mason, Inc. (NYSE LM) traded up $0.43 on Thursday, hitting $40.25. 539,618 shares of the stock traded hands, compared to its average volume of 1,075,728. The stock has a market capitalization of $3,701.40, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 0.94 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.79. Legg Mason, Inc. has a 52-week low of $29.71 and a 52-week high of $42.08.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.10. The firm had revenue of $768.30 million during the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.63 earnings per share. research analysts expect that Legg Mason, Inc. will post 2.85 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 annualized dividend and a dividend yield of 2.78%. Legg Mason’s payout ratio is 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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