Legg Mason Inc (LM) Holdings Trimmed by Retirement Systems of Alabama

Retirement Systems of Alabama cut its stake in shares of Legg Mason Inc (NYSE:LM) by 0.6% during the 4th quarter, HoldingsChannel reports. The fund owned 289,375 shares of the asset manager’s stock after selling 1,756 shares during the period. Retirement Systems of Alabama’s holdings in Legg Mason were worth $12,148,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of LM. Gotham Asset Management LLC purchased a new stake in shares of Legg Mason during the 2nd quarter valued at $212,000. Verition Fund Management LLC purchased a new stake in shares of Legg Mason during the 2nd quarter valued at $429,000. Public Employees Retirement System of Ohio increased its position in shares of Legg Mason by 30.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 53,710 shares of the asset manager’s stock valued at $2,050,000 after purchasing an additional 12,655 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of Legg Mason during the 3rd quarter valued at $953,000. Finally, Mutual of America Capital Management LLC increased its position in shares of Legg Mason by 3.1% during the 3rd quarter. Mutual of America Capital Management LLC now owns 70,060 shares of the asset manager’s stock valued at $2,754,000 after purchasing an additional 2,121 shares during the last quarter. Institutional investors and hedge funds own 90.71% of the company’s stock.

Several brokerages have recently issued reports on LM. Jefferies Group lowered Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Morgan Stanley raised their target price on Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research report on Tuesday, January 30th. Bank of America raised their target price on Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a research report on Thursday, January 25th. Royal Bank of Canada set a $49.00 target price on Legg Mason and gave the company a “buy” rating in a research report on Friday, December 15th. Finally, Zacks Investment Research raised Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a research report on Tuesday, December 26th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Legg Mason currently has a consensus rating of “Hold” and a consensus price target of $45.91.

Shares of Legg Mason Inc (LM) opened at $39.97 on Friday. Legg Mason Inc has a twelve month low of $34.10 and a twelve month high of $47.13. The firm has a market capitalization of $3,379.06, a PE ratio of 11.83, a P/E/G ratio of 0.64 and a beta of 2.19. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.58.

Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The company had revenue of $793.10 million during the quarter, compared to analyst estimates of $777.11 million. During the same quarter last year, the firm posted $0.50 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. analysts forecast that Legg Mason Inc will post 3.66 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is currently 30.77%.

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Legg Mason Profile

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

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