Robeco Institutional Asset Management B.V. decreased its position in shares of Legg Mason Inc (NYSE:LM) by 8.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,038,781 shares of the asset manager’s stock after selling 98,913 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Legg Mason were worth $39,763,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Machina Capital S.A.S. boosted its position in shares of Legg Mason by 19.0% during the 2nd quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 424 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in Legg Mason in the 4th quarter valued at about $104,000. NumerixS Investment Technologies Inc purchased a new stake in Legg Mason in the 1st quarter valued at about $132,000. KMG Fiduciary Partners LLC purchased a new stake in Legg Mason in the 1st quarter valued at about $208,000. Finally, Cerebellum GP LLC raised its holdings in Legg Mason by 412.7% in the 1st quarter. Cerebellum GP LLC now owns 9,228 shares of the asset manager’s stock valued at $253,000 after buying an additional 7,428 shares during the period. 84.05% of the stock is currently owned by hedge funds and other institutional investors.
LM traded up $0.70 on Friday, hitting $37.78. The company had a trading volume of 488,475 shares, compared to its average volume of 508,957. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 0.62 and a beta of 1.50. Legg Mason Inc has a 1 year low of $23.25 and a 1 year high of $38.94. The stock’s fifty day simple moving average is $37.71. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.36 and a current ratio of 1.82.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.24%. Legg Mason’s dividend payout ratio (DPR) is presently 52.63%.
Several analysts recently issued reports on the stock. Gabelli restated a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Morgan Stanley set a $27.00 price objective on shares of Legg Mason and gave the company a “sell” rating in a report on Thursday, May 16th. Royal Bank of Canada boosted 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. Wells Fargo & Co restated a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Finally, ValuEngine lowered shares of Legg Mason from a “hold” rating to a “sell” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $33.22.
In other Legg Mason news, CFO Peter Nachtwey sold 9,193 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.13, for a total transaction of $332,143.09. Following the sale, the chief financial officer now directly owns 167,691 shares in the company, valued at $6,058,675.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph A. Sullivan sold 26,470 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.18, for a total transaction of $957,684.60. The disclosure for this sale can be found here. Insiders have sold 63,378 shares of company stock worth $2,292,180 over the last quarter. Insiders own 8.08% of the company’s stock.
Legg Mason 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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