Parametrica Management Ltd bought a new position in Legg Mason Inc (NYSE:LM) in the fourth quarter, HoldingsChannel reports. The firm bought 12,448 shares of the asset manager’s stock, valued at approximately $318,000.
Other hedge funds also recently bought and sold shares of the company. Macquarie Group Ltd. increased its stake in shares of Legg Mason by 2.0% in the third quarter. Macquarie Group Ltd. now owns 1,270,046 shares of the asset manager’s stock valued at $39,664,000 after buying an additional 25,300 shares during the period. Dupont Capital Management Corp acquired a new position in shares of Legg Mason in the fourth quarter valued at approximately $222,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Legg Mason by 37.1% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,198 shares of the asset manager’s stock valued at $724,000 after buying an additional 6,272 shares during the period. Capital Fund Management S.A. acquired a new stake in Legg Mason during the 3rd quarter valued at approximately $2,142,000. Finally, D.A. Davidson & CO. acquired a new stake in shares of Legg Mason during the 3rd quarter worth approximately $253,000. 83.61% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on LM shares. Morgan Stanley set a $24.00 target price on Legg Mason and gave the stock a “sell” rating in a report on Friday, February 8th. Wells Fargo & Co raised their price objective on Legg Mason from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, February 5th. Citigroup upgraded Legg Mason from a “neutral” rating to a “buy” rating and raised their price objective for the company from $27.00 to $29.50 in a research note on Tuesday, February 5th. ValuEngine upgraded Legg Mason from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 16th. Finally, Deutsche Bank dropped their price objective on Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, November 16th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Legg Mason has a consensus rating of “Hold” and a consensus target price of $35.73.
LM stock opened at $29.01 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.77 and a debt-to-equity ratio of 0.54. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 7.80, a P/E/G ratio of 0.70 and a beta of 1.69. Legg Mason Inc has a twelve month low of $23.25 and a twelve month high of $42.24.
Legg Mason (NYSE:LM) last posted its earnings results on Monday, February 4th. The asset manager reported ($2.55) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($3.24). The company had revenue of $704.30 million for the quarter, compared to analysts’ expectations of $718.90 million. Legg Mason had a negative net margin of 0.06% and a positive return on equity of 7.44%. The firm’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.58 EPS. Sell-side analysts expect that Legg Mason Inc will post 2.84 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Tuesday, March 26th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date of this dividend is Monday, March 25th. Legg Mason’s payout ratio is presently 36.56%.
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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