First Trust Advisors LP Raises Position in Legg Mason Inc (LM)

First Trust Advisors LP increased its position in Legg Mason Inc (NYSE:LM) by 46.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 531,161 shares of the asset manager’s stock after purchasing an additional 167,617 shares during the quarter. First Trust Advisors LP owned approximately 0.62% of Legg Mason worth $16,588,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in shares of Legg Mason during the second quarter valued at $142,000. Westbourne Investment Advisors Inc. bought a new position in shares of Legg Mason during the third quarter valued at $137,000. Paloma Partners Management Co lifted its holdings in shares of Legg Mason by 42.9% during the second quarter. Paloma Partners Management Co now owns 7,450 shares of the asset manager’s stock valued at $258,000 after acquiring an additional 2,235 shares during the period. LPL Financial LLC bought a new position in shares of Legg Mason during the first quarter valued at $306,000. Finally, Acadian Asset Management LLC lifted its holdings in shares of Legg Mason by 7,531.0% during the second quarter. Acadian Asset Management LLC now owns 7,631 shares of the asset manager’s stock valued at $265,000 after acquiring an additional 7,531 shares during the period. 86.91% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Frances Cashman sold 10,058 shares of the firm’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $31.61, for a total value of $317,933.38. Following the completion of the sale, the insider now directly owns 72,937 shares in the company, valued at $2,305,538.57. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.33% of the company’s stock.

A number of research analysts have issued reports on LM shares. Wells Fargo & Co cut their price objective on Legg Mason from $39.00 to $34.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Royal Bank of Canada reissued a “buy” rating and set a $37.00 price objective on shares of Legg Mason in a report on Thursday, October 25th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $33.00 price objective on shares of Legg Mason in a report on Monday, October 29th. Morgan Stanley cut their price objective on Legg Mason from $34.00 to $31.00 and set an “underweight” rating for the company in a report on Thursday, August 2nd. Finally, Jefferies Financial Group reissued a “hold” rating and set a $39.00 price objective on shares of Legg Mason in a report on Thursday, October 11th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $41.55.

Shares of NYSE:LM opened at $28.93 on Friday. Legg Mason Inc has a twelve month low of $26.10 and a twelve month high of $47.13. The firm has a market capitalization of $2.44 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 0.50 and a beta of 1.72. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.41 and a quick ratio of 1.64.

Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, October 24th. The asset manager reported $0.82 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.07%. The business had revenue of $758.43 million during the quarter, compared to analyst estimates of $755.29 million. Equities analysts anticipate that Legg Mason Inc will post 3.28 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Wednesday, December 19th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, December 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.70%. Legg Mason’s dividend payout ratio (DPR) is presently 36.56%.

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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.

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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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