Vanguard Group Inc. lowered its stake in Legg Mason Inc. (NYSE:LM) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,594,424 shares of the company’s stock after selling 549,806 shares during the period. Vanguard Group Inc. owned about 8.29% of Legg Mason worth $253,450,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the company. Junto Capital Management LP acquired a new stake in Legg Mason during the first quarter valued at about $28,672,000. Clarkston Capital Partners LLC increased its stake in Legg Mason by 21.6% in the second quarter. Clarkston Capital Partners LLC now owns 2,478,050 shares of the company’s stock valued at $73,078,000 after buying an additional 439,825 shares in the last quarter. Wellington Management Group LLP increased its stake in Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock valued at $26,559,000 after buying an additional 421,217 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in Legg Mason by 46.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,260,000 shares of the company’s stock valued at $37,157,000 after buying an additional 400,000 shares in the last quarter. Finally, Moore Capital Management LP increased its stake in Legg Mason by 816.0% in the first quarter. Moore Capital Management LP now owns 300,000 shares of the company’s stock valued at $10,404,000 after buying an additional 267,248 shares in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.
Legg Mason Inc. (NYSE:LM) opened at 31.97 on Thursday. The firm’s 50-day moving average price is $33.90 and its 200-day moving average price is $32.93. Legg Mason Inc. has a 12 month low of $24.93 and a 12 month high of $46.41. The firm’s market cap is $3.31 billion.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The company earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. During the same quarter last year, the company earned $1.14 EPS. The company’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts predict that Legg Mason Inc. will post $2.31 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be given a $0.22 dividend. The ex-dividend date is Tuesday, October 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.69%. Legg Mason’s dividend payout ratio is currently -103.53%.
Several research firms have issued reports on LM. Morgan Stanley restated a “hold” rating on shares of Legg Mason in a report on Friday, September 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $4.00 price target on shares of Legg Mason in a report on Monday, September 12th. Barclays PLC reiterated an “overweight” rating and issued a $41.00 price target on shares of Legg Mason in a report on Sunday, July 31st. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a report on Friday, October 7th. Finally, Jefferies Group reiterated a “buy” rating on shares of Legg Mason in a report on Thursday, August 11th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Legg Mason presently has an average rating of “Buy” and an average price target of $37.67.
About Legg Mason