Bartlett & Co. LLC grew its stake in shares of Legg Mason Inc (NYSE:LM) by 14.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,668 shares of the asset manager’s stock after acquiring an additional 4,040 shares during the quarter. Bartlett & Co. LLC’s holdings in Legg Mason were worth $1,248,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Trust Co. of Vermont acquired a new position in shares of Legg Mason during the 2nd quarter valued at about $31,000. Usca Ria LLC acquired a new stake in Legg Mason during the 3rd quarter worth approximately $31,000. Hillsdale Investment Management Inc. acquired a new stake in Legg Mason during the 2nd quarter worth approximately $42,000. TD Capital Management LLC acquired a new stake in Legg Mason during the 2nd quarter worth approximately $59,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in Legg Mason during the 2nd quarter worth approximately $62,000. 86.02% of the stock is owned by institutional investors.
A number of analysts recently issued reports on LM shares. Evercore ISI reissued a “hold” rating and set a $36.00 target price on shares of Legg Mason in a research report on Tuesday, August 13th. ValuEngine downgraded shares of Legg Mason from a “sell” rating to a “strong sell” rating in a research report on Monday, October 7th. Zacks Investment Research downgraded shares of Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 target price for the company. in a research report on Monday, August 19th. Credit Suisse Group increased their target price on shares of Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Finally, Wells Fargo & Co reissued a “hold” rating on shares of Legg Mason in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $34.50.
LM opened at $38.15 on Friday. The company has a market cap of $3.40 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 0.94 and a beta of 1.51. Legg Mason Inc has a 1 year low of $23.25 and a 1 year high of $40.27. The firm has a 50 day moving average price of $36.84 and a 200 day moving average price of $36.80. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 2.01.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, October 30th. The asset manager reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.09. The firm had revenue of $743.30 million during the quarter, compared to analysts’ expectations of $720.83 million. Legg Mason had a positive return on equity of 7.70% and a negative net margin of 1.93%. Legg Mason’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. On average, sell-side analysts predict that Legg Mason Inc will post 3.62 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 20th. Shareholders of record on Tuesday, December 24th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Monday, December 23rd. Legg Mason’s dividend payout ratio is presently 52.63%.
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.
Recommended Story: How to Calculate Compound Annual Growth Rate (CAGR)
Receive News & Ratings for Legg Mason Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legg Mason and related companies with MarketBeat.com's FREE daily email newsletter.