Murphy Pohlad Asset Management LLC cut its stake in Legg Mason Inc (NYSE:LM) by 40.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,900 shares of the asset manager’s stock after selling 4,675 shares during the period. Murphy Pohlad Asset Management LLC’s holdings in Legg Mason were worth $249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Credit Agricole S A increased its position in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock valued at $147,000 after buying an additional 1,626 shares during the period. Canada Pension Plan Investment Board increased its position in Legg Mason by 188.6% in the third quarter. Canada Pension Plan Investment Board now owns 5,800 shares of the asset manager’s stock valued at $194,000 after buying an additional 3,790 shares during the period. Yorktown Management & Research Co Inc acquired a new position in Legg Mason during the third quarter valued at approximately $201,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Legg Mason during the third quarter valued at approximately $202,000. Finally, Diligent Investors LLC acquired a new position in Legg Mason during the fourth quarter valued at approximately $220,000. 78.75% of the stock is owned by institutional investors.

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

Legg Mason Inc (NYSE:LM) traded down 0.93% during mid-day trading on Friday, hitting $37.43. 710,752 shares of the stock traded hands. Legg Mason Inc has a 12 month low of $27.54 and a 12 month high of $38.99. The company’s 50 day moving average is $36.25 and its 200 day moving average is $33.36. The company has a market cap of $3.65 billion, a P/E ratio of 38.35 and a beta of 1.93.

Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, February 1st. The asset manager reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.14. The company earned $715.20 million during the quarter, compared to analysts’ expectations of $714.13 million. Legg Mason had a return on equity of 3.94% and a net margin of 3.81%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.45 EPS. On average, analysts expect that Legg Mason Inc will post $2.26 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 17th. Investors of record on Thursday, March 16th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.35%. The ex-dividend date was Tuesday, March 14th. Legg Mason’s dividend payout ratio is presently 87.13%.

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LM has been the subject of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Legg Mason in a report on Monday, March 27th. Citigroup Inc cut their price target on shares of Legg Mason from $40.50 to $40.00 and set a “buy” rating for the company in a report on Wednesday, January 25th. Barclays PLC reissued a “buy” rating and issued a $37.00 price target on shares of Legg Mason in a report on Friday, January 13th. Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a report on Thursday, April 13th. Finally, Evercore ISI downgraded shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price target for the company. in a report on Friday, March 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Legg Mason presently has an average rating of “Hold” and an average price target of $40.00.

In related news, insider Terence Johnson sold 13,325 shares of the firm’s stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $34.88, for a total value of $464,776.00. Following the transaction, the insider now owns 122,517 shares of the company’s stock, valued at approximately $4,273,392.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Joseph A. Sullivan sold 29,744 shares of the firm’s stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $36.06, for a total transaction of $1,072,568.64. Following the completion of the transaction, the chairman now directly owns 387,156 shares in the company, valued at approximately $13,960,845.36. The disclosure for this sale can be found here. Insiders sold a total of 49,664 shares of company stock worth $1,775,160 in the last ninety days. 1.94% of the stock is currently owned by insiders.

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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