Asset Management One Co. Ltd. raised its position in Legg Mason, Inc. (NYSE:LM) by 10.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,330 shares of the asset manager’s stock after buying an additional 4,183 shares during the period. Asset Management One Co. Ltd.’s holdings in Legg Mason were worth $1,649,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in LM. FMR LLC increased its stake in shares of Legg Mason by 21.9% in the fourth quarter. FMR LLC now owns 5,386,394 shares of the asset manager’s stock worth $161,108,000 after buying an additional 966,605 shares during the period. Norges Bank acquired a new stake in shares of Legg Mason during the fourth quarter worth about $25,392,000. Comerica Bank increased its stake in shares of Legg Mason by 349.8% in the first quarter. Comerica Bank now owns 632,097 shares of the asset manager’s stock worth $24,394,000 after buying an additional 491,580 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Legg Mason by 8.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,193,091 shares of the asset manager’s stock worth $95,505,000 after buying an additional 247,544 shares during the period. Finally, Glacier Peak Capital LLC acquired a new stake in shares of Legg Mason during the fourth quarter worth about $4,908,000. 79.74% of the stock is owned by institutional investors.

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

Legg Mason, Inc. (NYSE:LM) traded up 0.99% during mid-day trading on Friday, hitting $39.74. The stock had a trading volume of 1,111,665 shares. The company has a 50-day moving average of $37.81 and a 200-day moving average of $35.21. The firm has a market cap of $3.81 billion, a PE ratio of 18.23 and a beta of 2.17. Legg Mason, Inc. has a 12-month low of $27.54 and a 12-month high of $39.85.

Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.29. The business had revenue of $723.13 million during the quarter, compared to the consensus estimate of $701.50 million. Legg Mason had a return on equity of 6.71% and a net margin of 7.87%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.15) earnings per share. Analysts expect that Legg Mason, Inc. will post $2.26 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Tuesday, June 13th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.82%. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, June 9th. Legg Mason’s dividend payout ratio (DPR) is 50.91%.

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LM has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Legg Mason from a “hold” rating to a “sell” rating in a report on Monday, March 20th. Jefferies Group LLC reaffirmed a “buy” rating and set a $41.00 price target on shares of Legg Mason in a report on Monday, March 27th. Evercore ISI downgraded 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. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $43.00 price target on shares of Legg Mason in a report on Tuesday, May 30th. Finally, ValuEngine downgraded Legg Mason from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Legg Mason currently has an average rating of “Hold” and a consensus target price of $39.29.

In related news, insider Terence Johnson sold 8,777 shares of Legg Mason stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $37.24, for a total value of $326,855.48. Following the completion of the transaction, the insider now directly owns 100,415 shares in the company, valued at $3,739,454.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ursula Schliessler sold 1,745 shares of Legg Mason stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $37.39, for a total value of $65,245.55. Following the completion of the transaction, the chief accounting officer now owns 14,445 shares of the company’s stock, valued at $540,098.55. The disclosure for this sale can be found here. Insiders sold 23,847 shares of company stock valued at $856,877 over the last quarter. Insiders own 1.94% of the company’s stock.

Legg Mason Company 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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