Legg Mason Inc (NYSE:LM) insider Joseph A. Sullivan sold 26,470 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.18, for a total value of $957,684.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
NYSE LM traded down $0.23 during trading on Friday, hitting $35.68. The company’s stock had a trading volume of 45,309 shares, compared to its average volume of 1,179,370. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.33 and a current ratio of 1.77. The company has a market cap of $3.10 billion, a PE ratio of 11.73, a P/E/G ratio of 0.70 and a beta of 1.73. Legg Mason Inc has a fifty-two week low of $23.25 and a fifty-two week high of $39.79.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.16. The business had revenue of $692.60 million during the quarter, compared to the consensus estimate of $699.24 million. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 0.98%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the company earned $0.86 earnings per share. On average, sell-side analysts predict that Legg Mason Inc will post 3.17 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend is Monday, July 1st. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s dividend payout ratio (DPR) is currently 44.74%.
Hedge funds and other institutional investors have recently modified their holdings of the business. Financial Architects Inc acquired a new stake in Legg Mason in the fourth quarter worth about $26,000. Oregon Public Employees Retirement Fund raised its stake in shares of Legg Mason by 2,451.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 872,212 shares of the asset manager’s stock worth $34,000 after purchasing an additional 838,021 shares during the last quarter. Cerebellum GP LLC purchased a new position in shares of Legg Mason in the fourth quarter worth about $46,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Legg Mason in the fourth quarter worth about $104,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Legg Mason by 30.2% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,102 shares of the asset manager’s stock worth $112,000 after purchasing an additional 951 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on LM shares. Zacks Investment Research downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada raised their price objective on Legg Mason to $39.00 and gave the company an “in-line” rating in a research report on Tuesday. ValuEngine raised Legg Mason from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a research report on Wednesday, April 10th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Legg Mason in a research report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $32.11.
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About Legg Mason
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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