Wedge Capital Management L L P NC Has $11.53 Million Position in Legg Mason Inc (NYSE:LM)

Wedge Capital Management L L P NC reduced its holdings in shares of Legg Mason Inc (NYSE:LM) by 3.9% in the second quarter, HoldingsChannel.com reports. The fund owned 301,253 shares of the asset manager’s stock after selling 12,172 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Legg Mason were worth $11,532,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Clarkston Capital Partners LLC boosted its position in shares of Legg Mason by 3.5% during the 1st quarter. Clarkston Capital Partners LLC now owns 4,824,985 shares of the asset manager’s stock worth $132,060,000 after purchasing an additional 164,850 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Legg Mason by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,075,993 shares of the asset manager’s stock worth $103,979,000 after purchasing an additional 18,559 shares in the last quarter. FMR LLC boosted its position in shares of Legg Mason by 5.6% during the 4th quarter. FMR LLC now owns 1,295,605 shares of the asset manager’s stock worth $33,051,000 after purchasing an additional 68,895 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Legg Mason by 18.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,137,694 shares of the asset manager’s stock worth $31,141,000 after purchasing an additional 179,268 shares in the last quarter. Finally, Fiera Capital Corp boosted its position 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 in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

A number of equities analysts have recently issued reports on LM shares. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Monday, May 20th. Evercore ISI reissued a “hold” rating and set a $36.00 price objective on shares of Legg Mason in a research report on Tuesday. Morgan Stanley set a $27.00 price objective on shares of Legg Mason and gave the stock a “sell” rating in a research report on Thursday, May 16th. ValuEngine cut shares of Legg Mason from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada increased their price objective on shares of Legg Mason to $39.00 and gave the stock an “in-line” rating in a research report on Tuesday, May 14th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $34.27.

NYSE LM traded up $0.12 during trading hours on Thursday, hitting $35.67. The company’s stock had a trading volume of 6,438 shares, compared to its average volume of 684,013. Legg Mason Inc has a 52 week low of $23.25 and a 52 week high of $38.94. The stock has a market capitalization of $3.19 billion, a P/E ratio of 11.75, a PEG ratio of 0.70 and a beta of 1.49. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.01 and a quick ratio of 1.41. The company’s 50-day moving average price is $37.96.

Legg Mason (NYSE:LM) last announced its quarterly earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ 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 7.24%. The business had revenue of $705.36 million for the quarter, compared to analysts’ expectations of $708.70 million. During the same quarter last year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, research analysts anticipate that Legg Mason Inc will post 3.64 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Thursday, October 10th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $1.60 annualized dividend and a yield of 4.49%. Legg Mason’s payout ratio is 52.63%.

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

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