Millennium Management LLC grew its position in Legg Mason Inc (NYSE:LM) by 269.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,655,666 shares of the asset manager’s stock after purchasing an additional 1,207,280 shares during the quarter. Millennium Management LLC owned about 1.96% of Legg Mason worth $69,505,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LM. Nationwide Fund Advisors grew its holdings in shares of Legg Mason by 2.0% during the third quarter. Nationwide Fund Advisors now owns 160,851 shares of the asset manager’s stock valued at $6,323,000 after buying an additional 3,170 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Legg Mason during the third quarter valued at $224,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Legg Mason during the third quarter valued at $525,000. Prudential Financial Inc. grew its holdings in shares of Legg Mason by 2.4% during the third quarter. Prudential Financial Inc. now owns 67,823 shares of the asset manager’s stock valued at $2,666,000 after buying an additional 1,610 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Legg Mason by 2.4% during the third quarter. Principal Financial Group Inc. now owns 373,655 shares of the asset manager’s stock valued at $14,688,000 after buying an additional 8,920 shares during the last quarter. 91.53% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the stock. Deutsche Bank dropped their price objective on shares of Legg Mason from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, March 6th. Morgan Stanley boosted their price objective on shares of Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a report on Tuesday, January 30th. Royal Bank of Canada boosted their price objective on shares of Legg Mason to $57.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Bank of America boosted their price objective on shares of Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a report on Thursday, January 25th. Finally, Citigroup reissued a “neutral” rating and set a $50.00 price objective (up from $49.00) on shares of Legg Mason in a report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Legg Mason presently has an average rating of “Hold” and a consensus target price of $47.10.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $793.10 million during the quarter, compared to the consensus estimate of $777.11 million. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 earnings per share. equities analysts anticipate that Legg Mason Inc will post 3.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 15th will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.12 dividend on an annualized basis and a yield of 2.71%. Legg Mason’s dividend payout ratio is presently 30.77%.
About Legg Mason
Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.
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