Legg Mason Inc (LM) Insider Joseph A. Sullivan Sells 26,470 Shares

Legg Mason Inc (NYSE:LM) insider Joseph A. Sullivan sold 26,470 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.18, for a total transaction of $957,684.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

LM stock opened at $35.31 on Monday. The firm has a market capitalization of $3.02 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 0.70 and a beta of 1.73. The company has a current ratio of 1.77, a quick ratio of 1.33 and a debt-to-equity ratio of 0.54. Legg Mason Inc has a 12 month low of $23.25 and a 12 month high of $39.79.

Legg Mason (NYSE:LM) last released its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 EPS for the quarter, beating the consensus estimate of $0.54 by $0.16. The business had revenue of $692.60 million for the quarter, compared to the consensus estimate of $699.24 million. Legg Mason had a negative net margin of 0.98% and a positive return on equity of 7.24%. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. On average, research analysts expect that Legg Mason Inc will post 3.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Tuesday, July 2nd will be issued a $0.40 dividend. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 4.53%. The ex-dividend date of this dividend is Monday, July 1st. Legg Mason’s dividend payout ratio is 44.74%.

Several hedge funds have recently added to or reduced their stakes in LM. JPMorgan Chase & Co. lifted its stake in shares of Legg Mason by 121.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 324,951 shares of the asset manager’s stock valued at $10,148,000 after purchasing an additional 178,222 shares during the period. Nordea Investment Management AB lifted its stake in shares of Legg Mason by 59.9% in the 3rd quarter. Nordea Investment Management AB now owns 200,033 shares of the asset manager’s stock valued at $6,247,000 after purchasing an additional 74,940 shares during the period. Retirement Systems of Alabama lifted its stake in shares of Legg Mason by 0.4% in the 4th quarter. Retirement Systems of Alabama now owns 110,892 shares of the asset manager’s stock valued at $2,829,000 after purchasing an additional 464 shares during the period. Cerebellum GP LLC acquired a new position in shares of Legg Mason in the 4th quarter valued at $46,000. Finally, Oakbrook Investments LLC lifted its stake in shares of Legg Mason by 7.0% in the 4th quarter. Oakbrook Investments LLC now owns 9,200 shares of the asset manager’s stock valued at $235,000 after purchasing an additional 600 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on LM shares. ValuEngine raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Royal Bank of Canada upped their price objective on shares of Legg Mason to $39.00 and gave the company an “in-line” rating in a report on Tuesday, May 14th. Zacks Investment Research downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Wells Fargo & Co upped their price objective on shares of Legg Mason from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, February 5th. Finally, Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.44.

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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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