Nordea Investment Management AB Acquires 1,592 Shares of Legg Mason Inc (NYSE:LM)

Nordea Investment Management AB boosted its stake in Legg Mason Inc (NYSE:LM) by 0.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 205,659 shares of the asset manager’s stock after buying an additional 1,592 shares during the period. Nordea Investment Management AB owned approximately 0.24% of Legg Mason worth $5,628,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in LM. Cerebellum GP LLC raised its holdings in Legg Mason by 412.7% during the 1st quarter. Cerebellum GP LLC now owns 9,228 shares of the asset manager’s stock valued at $253,000 after buying an additional 7,428 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Legg Mason in the 1st quarter valued at about $443,000. Poehling Capital Management LLC raised its position in Legg Mason by 2.1% in the 1st quarter. Poehling Capital Management LLC now owns 44,030 shares of the asset manager’s stock valued at $1,205,000 after purchasing an additional 925 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new stake in Legg Mason in the 1st quarter valued at about $132,000. Finally, Fiera Capital Corp raised its position in Legg Mason by 0.6% in the 1st quarter. Fiera Capital Corp now owns 1,052,995 shares of the asset manager’s stock valued at $28,820,000 after purchasing an additional 5,872 shares in the last quarter. Institutional investors and hedge funds own 84.40% of the company’s stock.

Shares of NYSE LM traded up $0.02 during trading on Monday, reaching $38.70. The company had a trading volume of 699,600 shares, compared to its average volume of 1,009,166. The stock has a market capitalization of $3.35 billion, a PE ratio of 12.73, a PEG ratio of 0.71 and a beta of 1.50. The business’s 50-day simple moving average is $37.07. Legg Mason Inc has a twelve month low of $23.25 and a twelve month high of $38.82. The company has a quick ratio of 1.36, a current ratio of 1.82 and a debt-to-equity ratio of 0.53.

Legg Mason (NYSE:LM) last released its earnings results on Monday, May 13th. The asset manager reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.16. Legg Mason had a positive return on equity of 7.30% and a negative net margin of 0.98%. The firm had revenue of $692.60 million during the quarter, compared to analyst estimates of $699.24 million. During the same period in the prior year, the firm posted $0.86 earnings per share. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. Equities research analysts expect that Legg Mason Inc will post 3.34 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Monday, July 1st. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s payout ratio is 52.63%.

In other Legg Mason news, VP Thomas C. Merchant sold 5,582 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.11, for a total transaction of $201,566.02. Following the completion of the transaction, the vice president now owns 78,586 shares in the company, valued at $2,837,740.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ursula Schliessler sold 3,608 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.03, for a total transaction of $129,996.24. Following the transaction, the chief accounting officer now owns 27,495 shares of the company’s stock, valued at approximately $990,644.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,378 shares of company stock valued at $2,292,180. 8.08% of the stock is owned by company insiders.

Several equities research analysts have recently weighed in on the company. Wells Fargo & Co reissued a “buy” rating on shares of Flexion Therapeutics in a research report on Wednesday, April 10th. Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Morgan Stanley set a $100.00 price objective on Cimarex Energy and gave the stock a “buy” rating in a report on Thursday, May 16th. Royal Bank of Canada reduced their price objective on Advance Auto Parts to $178.00 and set an “outperform” rating for the company in a report on Tuesday, May 14th. Finally, Zacks Investment Research cut GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Legg Mason has a consensus rating of “Hold” and an average price target of $33.22.

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

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