West Coast Financial LLC decreased its position in Legg Mason Inc (NYSE:LM) by 82.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,430 shares of the asset manager’s stock after selling 111,982 shares during the quarter. West Coast Financial LLC’s holdings in Legg Mason were worth $895,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in LM. Trust Co. of Vermont acquired a new position in Legg Mason in the 2nd quarter valued at about $31,000. Hillsdale Investment Management Inc. acquired a new position in Legg Mason in the 2nd quarter valued at about $42,000. TD Capital Management LLC acquired a new position in Legg Mason in the 2nd quarter valued at about $59,000. C M Bidwell & Associates Ltd. acquired a new position in Legg Mason in the 2nd quarter valued at about $62,000. Finally, Machina Capital S.A.S. grew its holdings in Legg Mason by 19.0% in the 2nd quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock valued at $100,000 after buying an additional 424 shares during the period. 87.61% of the stock is owned by hedge funds and other institutional investors.
LM has been the subject of several recent analyst reports. Credit Suisse Group lifted their price target on Legg Mason from $39.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Zacks Investment Research cut Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 price target for the company. in a report on Monday, August 19th. Wells Fargo & Co set a $38.00 price target on Legg Mason and gave the company a “hold” rating in a report on Thursday, October 10th. Barclays restated a “hold” rating and issued a $38.00 price target on shares of Legg Mason in a report on Wednesday, October 9th. Finally, ValuEngine cut Legg Mason from a “sell” rating to a “strong sell” rating in a report on Monday, October 7th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $34.36.
Shares of NYSE:LM traded up $0.47 during trading on Thursday, reaching $35.65. 13,532 shares of the stock were exchanged, compared to its average volume of 648,848. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 2.01. Legg Mason Inc has a 12-month low of $23.25 and a 12-month high of $40.27. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 0.77 and a beta of 1.51. The firm’s 50-day moving average price is $37.33 and its 200 day moving average price is $36.08.
Legg Mason (NYSE:LM) last issued its earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The business had revenue of $705.36 million during the quarter, compared to analysts’ expectations of $708.70 million. During the same quarter in the previous year, the business earned $0.75 EPS. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities research analysts forecast that Legg Mason Inc will post 3.53 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Wednesday, October 9th. Legg Mason’s payout ratio is currently 52.63%.
Legg Mason Company 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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