Oppenheimer Asset Management Inc. grew its stake in shares of Legg Mason Inc (NYSE:LM) by 26.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 12,380 shares of the asset manager’s stock after buying an additional 2,574 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Legg Mason were worth $474,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Trust Co. of Vermont bought a new stake in shares of Legg Mason in the second quarter valued at about $31,000. Hillsdale Investment Management Inc. bought a new position in Legg Mason during the second quarter valued at about $42,000. C M Bidwell & Associates Ltd. bought a new position in Legg Mason during the second quarter valued at about $62,000. Machina Capital S.A.S. increased its stake in Legg Mason by 19.0% during the second quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 424 shares during the period. Finally, Coastal Investment Advisors Inc. acquired a new position in Legg Mason in the 2nd quarter valued at approximately $179,000. 87.83% of the stock is owned by institutional investors and hedge funds.
LM stock traded up $0.13 during trading on Wednesday, hitting $39.87. The company had a trading volume of 137,146 shares, compared to its average volume of 490,027. The company has a fifty day moving average price of $37.33 and a two-hundred day moving average price of $34.53. The company has a current ratio of 2.01, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.35 billion, a P/E ratio of 13.12, a P/E/G ratio of 0.74 and a beta of 1.49. Legg Mason Inc has a fifty-two week low of $23.25 and a fifty-two week high of $39.83.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Thursday, August 1st. The asset manager reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $705.36 million during the quarter, compared to analyst estimates of $708.70 million. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.75 earnings per share. On average, analysts expect that Legg Mason Inc will post 3.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Thursday, October 10th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $1.60 annualized dividend and a dividend yield of 4.01%. Legg Mason’s dividend payout ratio is presently 52.63%.
Several analysts have recently weighed in on the company. Credit Suisse Group lifted their price objective on Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Zacks Investment Research lowered Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 target price for the company. in a research note on Monday, August 19th. Evercore ISI restated a “hold” rating and issued a $36.00 target price on shares of Legg Mason in a research note on Tuesday, August 13th. ValuEngine cut Legg Mason from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada lifted their price target on shares of Legg Mason to $39.00 and gave the stock an “in-line” rating in a research note on Tuesday, May 14th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $34.09.
Legg Mason Company 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.
Further Reading: Price-Sales Ratio
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