NJ State Employees Deferred Compensation Plan Has $613,000 Stock Holdings in Legg Mason Inc (NYSE:LM)

NJ State Employees Deferred Compensation Plan lifted its position in shares of Legg Mason Inc (NYSE:LM) by 77.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,000 shares of the asset manager’s stock after purchasing an additional 7,000 shares during the period. NJ State Employees Deferred Compensation Plan’s holdings in Legg Mason were worth $613,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Stevens Capital Management LP acquired a new position in shares of Legg Mason during the 1st quarter worth about $1,260,000. Nordea Investment Management AB increased its stake in shares of Legg Mason by 0.8% during the 1st quarter. Nordea Investment Management AB now owns 205,659 shares of the asset manager’s stock worth $5,628,000 after purchasing an additional 1,592 shares during the last quarter. Financial Sense Advisors Inc. increased its stake in shares of Legg Mason by 38.8% during the 1st quarter. Financial Sense Advisors Inc. now owns 80,801 shares of the asset manager’s stock worth $2,212,000 after purchasing an additional 22,603 shares during the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of Legg Mason by 37.4% during the 1st quarter. First Citizens Bank & Trust Co. now owns 11,168 shares of the asset manager’s stock worth $306,000 after purchasing an additional 3,038 shares during the last quarter. Finally, Fiera Capital Corp increased its stake in shares of Legg Mason by 0.6% during the 1st quarter. Fiera Capital Corp now owns 1,052,995 shares of the asset manager’s stock worth $28,820,000 after purchasing an additional 5,872 shares during the last quarter. Institutional investors own 84.05% of the company’s stock.

In other Legg Mason news, CFO Peter Nachtwey sold 9,193 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.13, for a total transaction of $332,143.09. Following the transaction, the chief financial officer now owns 167,691 shares in the company, valued at approximately $6,058,675.83. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Terence Johnson sold 18,525 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total transaction of $670,790.25. Following the transaction, the executive vice president now owns 124,300 shares in the company, valued at approximately $4,500,903. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,378 shares of company stock worth $2,292,180. 8.08% of the stock is owned by company insiders.

Several research firms have recently weighed in on LM. Wells Fargo & Co restated a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Morgan Stanley set a $27.00 price objective on shares of Legg Mason and gave the stock a “sell” rating in a research note on Thursday, May 16th. Gabelli restated a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Royal Bank of Canada boosted their price objective on shares of Legg Mason to $39.00 and gave the stock an “in-line” rating in a research note on Tuesday, May 14th. Finally, ValuEngine lowered shares of Legg Mason from a “hold” rating to a “sell” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Legg Mason has an average rating of “Hold” and a consensus target price of $33.22.

LM traded up $0.90 on Friday, reaching $37.98. The company had a trading volume of 1,330,481 shares, compared to its average volume of 606,827. Legg Mason Inc has a fifty-two week low of $23.25 and a fifty-two week high of $38.94. The firm has a market cap of $3.21 billion, a PE ratio of 12.40, a P/E/G ratio of 0.59 and a beta of 1.49. The firm’s fifty day simple moving average is $37.74. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.36 and a current ratio of 1.82.

Legg Mason (NYSE:LM) last announced its quarterly earnings results on Thursday, August 1st. The asset manager reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. Legg Mason had a negative net margin of 1.72% and a positive return on equity of 7.23%. The business had revenue of $705.36 million for the quarter, compared to analyst estimates of $708.70 million. During the same quarter in the prior year, the business earned $0.75 EPS. Legg Mason’s quarterly revenue was down 5.7% on a year-over-year basis. Research analysts forecast that Legg Mason Inc will post 3.61 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Thursday, October 10th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.21%. Legg Mason’s dividend payout ratio (DPR) is currently 52.63%.

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.

Further Reading: Quick Ratio

Want to see what other hedge funds are holding LM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Legg Mason Inc (NYSE:LM).

Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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.