Norges Bank Takes $26.07 Million Position in Legg Mason Inc (LM)

Norges Bank bought a new position in Legg Mason Inc (NYSE:LM) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 1,022,089 shares of the asset manager’s stock, valued at approximately $26,074,000. Norges Bank owned approximately 1.20% of Legg Mason as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Dupont Capital Management Corp acquired a new stake in Legg Mason in the 4th quarter worth approximately $222,000. Two Sigma Securities LLC lifted its stake in Legg Mason by 805.3% during the 4th quarter. Two Sigma Securities LLC now owns 11,757 shares of the asset manager’s stock valued at $300,000 after acquiring an additional 13,424 shares during the period. Macquarie Group Ltd. lifted its stake in Legg Mason by 2.0% during the 3rd quarter. Macquarie Group Ltd. now owns 1,270,046 shares of the asset manager’s stock valued at $39,664,000 after acquiring an additional 25,300 shares during the period. Stifel Financial Corp lifted its stake in Legg Mason by 144.5% during the 4th quarter. Stifel Financial Corp now owns 492,855 shares of the asset manager’s stock valued at $12,592,000 after acquiring an additional 291,262 shares during the period. Finally, Clarkston Capital Partners LLC lifted its stake in Legg Mason by 4.5% during the 4th quarter. Clarkston Capital Partners LLC now owns 4,660,135 shares of the asset manager’s stock valued at $118,880,000 after acquiring an additional 198,600 shares during the period. Institutional investors own 84.31% of the company’s stock.

Shares of NYSE LM opened at $32.83 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.77 and a debt-to-equity ratio of 0.54. Legg Mason Inc has a 12 month low of $23.25 and a 12 month high of $40.02. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 8.83, a price-to-earnings-growth ratio of 0.72 and a beta of 1.65.

Legg Mason (NYSE:LM) last posted its earnings results on Monday, February 4th. The asset manager reported ($2.55) earnings per share for the quarter, missing the consensus estimate of $0.69 by ($3.24). The firm had revenue of $704.30 million for the quarter, compared to analysts’ expectations of $718.90 million. Legg Mason had a negative net margin of 0.06% and a positive return on equity of 7.44%. Legg Mason’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period last year, the firm earned $1.58 earnings per share. As a group, equities research analysts forecast that Legg Mason Inc will post 2.86 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Tuesday, March 26th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.14%. The ex-dividend date is Monday, March 25th. Legg Mason’s dividend payout ratio (DPR) is 36.56%.

LM has been the subject of several research reports. Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Monday, December 31st. Deutsche Bank cut shares of Legg Mason from a “buy” rating to a “hold” rating and decreased their price objective for the company from $31.00 to $27.00 in a research note on Thursday, January 10th. Bank of America upgraded shares of Legg Mason from an “underperform” rating to a “neutral” rating and decreased their price objective for the company from $30.00 to $29.00 in a research note on Friday, January 11th. ValuEngine upgraded shares of Legg Mason from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 16th. Finally, Citigroup upgraded shares of Legg Mason from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $29.50 in a research note on Tuesday, February 5th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $34.73.

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Legg Mason Profile

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

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