River & Mercantile Asset Management LLP increased its stake in shares of Legg Mason Inc (NYSE:LM) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 116,152 shares of the asset manager’s stock after acquiring an additional 12,951 shares during the quarter. River & Mercantile Asset Management LLP owned about 0.14% of Legg Mason worth $3,627,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of LM. Quantbot Technologies LP purchased a new stake in Legg Mason during the third quarter valued at $131,000. Sageworth Trust Co raised its stake in Legg Mason by 608.3% during the third quarter. Sageworth Trust Co now owns 4,250 shares of the asset manager’s stock valued at $133,000 after purchasing an additional 3,650 shares in the last quarter. Westbourne Investment Advisors Inc. purchased a new stake in Legg Mason during the third quarter valued at $137,000. Canada Pension Plan Investment Board purchased a new stake in Legg Mason during the second quarter valued at $142,000. Finally, D.A. Davidson & CO. purchased a new stake in Legg Mason during the third quarter valued at $253,000. Hedge funds and other institutional investors own 84.45% of the company’s stock.
Shares of LM opened at $27.06 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 $2.34 billion, a PE ratio of 7.27, a PEG ratio of 0.49 and a beta of 1.73. The company has a current ratio of 1.77, a quick ratio of 1.27 and a debt-to-equity ratio of 0.50.
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 Thomson Reuters’ consensus estimate of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.03%. The firm had revenue of $758.43 million during the quarter, compared to analysts’ expectations of $755.29 million. On average, equities research analysts predict that Legg Mason Inc will post 3.2 earnings per share for the current year.
The company 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. This represents a $1.36 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Tuesday, December 18th. Legg Mason’s dividend payout ratio is currently 36.56%.
A number of equities research analysts recently issued reports on LM shares. Deutsche Bank decreased their price target on shares of Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, November 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $33.00 price target on shares of Legg Mason in a research note on Monday, October 29th. Royal Bank of Canada reissued a “buy” rating and issued a $37.00 target price on shares of Legg Mason in a research note on Thursday, October 25th. Jefferies Financial Group reissued a “hold” rating and issued a $39.00 target price on shares of Legg Mason in a research note on Thursday, October 11th. Finally, Wells Fargo & Co reduced their target price on shares of Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Legg Mason has a consensus rating of “Hold” and a consensus price target of $39.27.
In other news, insider Frances Cashman sold 10,058 shares of the stock in a transaction on Monday, September 24th. The shares were sold at an average price of $31.61, for a total value of $317,933.38. Following the sale, the insider now owns 72,937 shares of the company’s stock, valued at $2,305,538.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.33% of the company’s stock.
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About Legg Mason
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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