Graybill Bartz & Assoc Ltd. increased its stake in shares of Legg Mason Inc (NYSE:LM) by 3.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,519 shares of the asset manager’s stock after purchasing an additional 4,180 shares during the quarter. Legg Mason makes up 2.2% of Graybill Bartz & Assoc Ltd.’s holdings, making the stock its 27th largest position. Graybill Bartz & Assoc Ltd.’s holdings in Legg Mason were worth $3,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Retirement Systems of Alabama raised its position in shares of Legg Mason by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 111,353 shares of the asset manager’s stock worth $3,048,000 after buying an additional 461 shares during the period. GAM Holding AG lifted its stake in shares of Legg Mason by 1.1% during the 4th quarter. GAM Holding AG now owns 48,687 shares of the asset manager’s stock worth $1,242,000 after buying an additional 532 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Legg Mason by 9.8% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock worth $159,000 after buying an additional 559 shares during the last quarter. Cornerstone Advisors Inc. raised its stake in Legg Mason by 113.0% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,127 shares of the asset manager’s stock worth $35,000 after purchasing an additional 598 shares in the last quarter. Finally, Oakbrook Investments LLC raised its stake in Legg Mason by 7.0% in the 4th quarter. Oakbrook Investments LLC now owns 9,200 shares of the asset manager’s stock worth $235,000 after purchasing an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.
LM stock traded down $0.30 during mid-day trading on Wednesday, hitting $33.43. The stock had a trading volume of 24,885 shares, compared to its average volume of 1,033,267. The company has a quick ratio of 1.33, a current ratio of 1.77 and a debt-to-equity ratio of 0.54. Legg Mason Inc has a 52 week low of $23.25 and a 52 week high of $40.02. The firm has a market cap of $2.81 billion, a P/E ratio of 9.00, a P/E/G ratio of 0.72 and a beta of 1.65.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Tuesday, March 26th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.07%. The ex-dividend date is Monday, March 25th. Legg Mason’s dividend payout ratio is currently 36.56%.
Several brokerages have weighed in on LM. ValuEngine upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Wednesday. Gabelli reiterated a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Wells Fargo & Co reiterated a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Citigroup upgraded shares of Legg Mason from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $29.50 in a research note on Tuesday, February 5th. Finally, Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $34.73.
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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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