Latest Stocks: Legg Mason Inc (LM) Shares Sold by Elkfork Partners LLC

Latest Stocks: Legg Mason Inc (LM) Shares Sold by Elkfork Partners LLC

Elkfork Partners LLC reduced its stake in shares of Legg Mason Inc (NYSE:LM) by 57.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,024 shares of the asset manager’s stock after selling 13,748 shares during the period. Elkfork Partners LLC’s holdings in Legg Mason were worth $362,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. IFP Advisors Inc raised its stake in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares during the period. Credit Agricole S A raised its stake in shares of 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 last quarter. 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. Hedge funds and other institutional investors own 78.75% of the company’s stock.

Shares of Legg Mason Inc (LM) opened at 38.02 on Tuesday. The company’s 50-day moving average is $37.52 and its 200 day moving average is $34.82. Legg Mason Inc has a 1-year low of $27.54 and a 1-year high of $38.99. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 17.44 and a beta of 1.93.

Legg Mason (NYSE:LM) last released its earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The firm had revenue of $723.13 million for the quarter, compared to analyst estimates of $701.50 million. During the same period in the prior year, the firm earned ($0.15) earnings per share. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Equities analysts anticipate that Legg Mason Inc will post $2.26 EPS for the current year. The firm also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Tuesday, June 13th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.95%. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, June 9th. Legg Mason’s dividend payout ratio is 87.13%.

Legg Mason (NYSE:LM) last released its earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The firm had revenue of $723.13 million for the quarter, compared to analyst estimates of $701.50 million. During the same period in the prior year, the firm earned ($0.15) earnings per share. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Equities analysts anticipate that Legg Mason Inc will post $2.26 EPS for the current year. Several research analysts have commented on the stock. Jefferies Group LLC raised their price target on shares of Legg Mason from $41.00 to $43.00 and gave the company a “buy” rating in a report on Friday, April 28th. ValuEngine cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Evercore ISI cut shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price objective on the stock. in a research report on Friday, March 3rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $43.00 price objective on shares of Legg Mason in a research report on Tuesday, May 30th. Finally, Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Thursday, April 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Legg Mason currently has a consensus rating of “Hold” and a consensus price target of $39.29.

In related news, insider Terence Johnson sold 13,325 shares of the company’s stock in a transaction that occurred on Friday, March 24th. The stock was sold at an average price of $34.88, for a total value of $464,776.00. Following the completion of the transaction, the insider now directly owns 122,517 shares of the company’s stock, valued at $4,273,392.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ursula Schliessler sold 1,745 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $37.39, for a total value of $65,245.55. Following the completion of the sale, the chief accounting officer now directly 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 ninety days. 1.94% of the stock is currently owned by corporate insiders. About Legg Mason

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