Legg Mason Inc (LM) Stake Held by Shanda Asset Management Investment Ltd
Shanda Asset Management Investment Ltd
recently disclosed that they own 1% of Legg Mason Inc (NYSE:LM) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Tuesday, December 26th. The investor owns 6,424 shares of the stock worth approximately $269,101. The reporting parties listed on the disclosure included Tianqiao Chen, Shanda Media Limited, Shanda Investment Group Limited, Shanda Technology Overseas Capital Company Limited and Shanda Asset Management Investment Limited. The disclosure is available through Edgar at this link.
Shanda Asset Management Investment Ltd
provided the following explanation of their ownership:
Other institutional investors and hedge funds also recently modified their holdings of the company. AXA raised its stake in shares of Legg Mason by 96.6% during the 3rd quarter. AXA now owns 253,400 shares of the asset manager’s stock worth $9,961,000 after purchasing an additional 124,500 shares during the period. California Public Employees Retirement System grew its holdings in Legg Mason by 2.8% during the 3rd quarter. California Public Employees Retirement System now owns 327,610 shares of the asset manager’s stock valued at $12,878,000 after buying an additional 8,820 shares in the last quarter. Janney Capital Management LLC purchased a new position in Legg Mason during the 3rd quarter valued at about $275,000. Janus Henderson Group PLC purchased a new position in Legg Mason during the 3rd quarter valued at about $389,000. Finally, Vident Investment Advisory LLC purchased a new position in Legg Mason during the 3rd quarter valued at about $2,658,000. 82.49% of the stock is currently owned by institutional investors.
LM has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a report on Tuesday. Royal Bank of Canada set a $49.00 price objective on Legg Mason and gave the stock a “buy” rating in a report on Friday, December 15th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a research note on Friday, September 29th. Morgan Stanley cut Legg Mason from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $37.00 to $36.00 in a research report on Thursday, October 5th. Finally, Credit Suisse Group increased their price objective on Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Legg Mason presently has a consensus rating of “Buy” and an average target price of $43.80.
Legg Mason Inc (NYSE LM) traded down $0.03 on Tuesday, hitting $41.89. The stock had a trading volume of 878,900 shares, compared to its average volume of 1,063,780. The stock has a market capitalization of $3,851.26, a price-to-earnings ratio of 16.36, a P/E/G ratio of 0.98 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 2.51. Legg Mason Inc has a 1-year low of $29.71 and a 1-year high of $42.41.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.10. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The business had revenue of $768.30 million for the quarter, compared to analysts’ expectations of $739.47 million. During the same quarter in the previous year, the firm earned $0.63 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. research analysts expect that Legg Mason Inc will post 2.84 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a dividend of $0.28 per share. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 annualized dividend and a dividend yield of 2.67%. Legg Mason’s dividend payout ratio is presently 43.75%.
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Legg Mason 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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