Fisher Asset Management LLC increased its stake in shares of Legg Mason Inc. (NYSE:LM) by 55.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 229,399 shares of the company’s stock after buying an additional 82,200 shares during the period. Fisher Asset Management LLC’s holdings in Legg Mason were worth $7,680,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Seven Eight Capital LLC bought a new position in Legg Mason during the first quarter valued at about $180,000. Neuberger Berman Group LLC bought a new position in Legg Mason during the second quarter valued at about $220,000. Calvert Investment Management Inc. boosted its position in shares of Legg Mason by 8.0% in the second quarter. Calvert Investment Management Inc. now owns 8,702 shares of the company’s stock valued at $257,000 after buying an additional 643 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Legg Mason by 540.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,953 shares of the company’s stock valued at $264,000 after buying an additional 7,554 shares during the period. Finally, Kentucky Retirement Systems acquired a new position in shares of Legg Mason during the second quarter valued at $264,000. Institutional investors and hedge funds own 77.92% of the company’s stock.
Legg Mason Inc. (NYSE:LM) traded down 2.57% on Monday, hitting $31.47. The stock had a trading volume of 806,016 shares. The company’s market cap is $3.18 billion. The company has a 50-day moving average of $31.20 and a 200 day moving average of $32.43. Legg Mason Inc. has a 12 month low of $24.93 and a 12 month high of $45.36.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Friday, October 28th. The company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.05. Legg Mason had a positive return on equity of 6.43% and a negative net margin of 3.08%. The business had revenue of $748.40 million for the quarter, compared to analysts’ expectations of $751.20 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year. On average, analysts predict that Legg Mason Inc. will post $2.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 9th. Investors of record on Wednesday, December 14th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Monday, December 12th. Legg Mason’s dividend payout ratio (DPR) is -110.00%.
Several brokerages have recently weighed in on LM. Citigroup Inc. reiterated a “buy” rating on shares of Legg Mason in a research note on Tuesday, October 18th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $4.00 target price on shares of Legg Mason in a report on Monday, September 12th. Jefferies Group reissued a “buy” rating on shares of Legg Mason in a report on Thursday, August 11th. Zacks Investment Research raised shares of Legg Mason from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 27th. Finally, Morgan Stanley reissued a “hold” rating on shares of Legg Mason in a report on Friday, September 9th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $42.11.
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.