Meadow Creek Investment Management LLC increased its position in shares of Legg Mason Inc (NYSE:LM) by 35.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 230,248 shares of the asset manager’s stock after buying an additional 59,772 shares during the quarter. Meadow Creek Investment Management LLC owned 0.27% of Legg Mason worth $9,666,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in LM. Nationwide Fund Advisors grew its position in Legg Mason by 2.0% during the third quarter. Nationwide Fund Advisors now owns 160,851 shares of the asset manager’s stock worth $6,323,000 after buying an additional 3,170 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in Legg Mason during the third quarter worth about $224,000. Crossmark Global Holdings Inc. acquired a new stake in Legg Mason during the third quarter worth about $525,000. Prudential Financial Inc. grew its position in Legg Mason by 2.4% during the third quarter. Prudential Financial Inc. now owns 67,823 shares of the asset manager’s stock worth $2,666,000 after buying an additional 1,610 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Legg Mason by 2.4% during the third quarter. Principal Financial Group Inc. now owns 373,655 shares of the asset manager’s stock worth $14,688,000 after buying an additional 8,920 shares in the last quarter. 91.53% of the stock is currently owned by institutional investors and hedge funds.
Legg Mason Inc (LM) opened at $41.42 on Wednesday. Legg Mason Inc has a one year low of $34.10 and a one year high of $47.13. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a market cap of $3,538.86, a P/E ratio of 11.38, a PEG ratio of 0.67 and a beta of 2.16.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is currently 30.77%.
A number of equities research analysts have weighed in on LM shares. Credit Suisse Group downgraded Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a report on Wednesday, January 3rd. Royal Bank of Canada lifted their price objective on Legg Mason to $57.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Morgan Stanley lifted their price objective on Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a report on Tuesday, January 30th. Citigroup reaffirmed a “hold” rating and set a $42.00 price objective on shares of Legg Mason in a report on Tuesday, December 26th. Finally, Bank of America lifted their price objective on Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $47.10.
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Legg Mason 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.
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