Shelton Capital Management Takes Position in Legg Mason, Inc. (LM)

Shelton Capital Management bought a new position in Legg Mason, Inc. (NYSE:LM) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 33,540 shares of the asset manager’s stock, valued at approximately $1,211,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Legg Mason by 1,729.5% in the first quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock worth $286,448,000 after buying an additional 7,499,031 shares during the last quarter. FMR LLC boosted its position 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 last quarter. Norges Bank acquired a new position in shares of Legg Mason during the fourth quarter worth approximately $25,392,000. Comerica Bank boosted its position 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 last quarter. Finally, Fairpointe Capital LLC boosted its position in shares of Legg Mason by 884.7% in the first quarter. Fairpointe Capital LLC now owns 452,000 shares of the asset manager’s stock worth $16,321,000 after buying an additional 406,100 shares during the last quarter. Institutional investors own 79.66% of the company’s stock.

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

Legg Mason, Inc. (NYSE LM) traded down 0.62% during midday trading on Tuesday, reaching $40.30. 782,596 shares of the company traded hands. The company has a 50 day moving average price of $37.90 and a 200-day moving average price of $35.33. The stock has a market capitalization of $3.86 billion, a P/E ratio of 18.49 and a beta of 2.17. Legg Mason, Inc. has a one year low of $27.54 and a one year high of $40.82.

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

The company also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Tuesday, June 13th will be issued a $0.28 dividend. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, June 9th. Legg Mason’s dividend payout ratio (DPR) is currently 50.91%.

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LM has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Legg Mason from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. Jefferies Group LLC reissued a “buy” rating and issued a $41.00 price target on shares of Legg Mason in a report on Monday, March 27th. Evercore ISI lowered shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price target on the stock. in a report on Friday, March 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $43.00 price target on shares of Legg Mason in a report on Tuesday, May 30th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $41.00 price target on shares of Legg Mason in a report on Friday. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $39.50.

In other news, insider Terence Johnson sold 13,325 shares of the firm’s stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $34.88, for a total value of $464,776.00. Following the sale, the insider now directly owns 122,517 shares in the company, valued at approximately $4,273,392.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ursula Schliessler sold 1,745 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $37.39, for a total transaction of $65,245.55. Following the completion of the sale, the chief accounting officer now owns 14,445 shares in the company, valued at $540,098.55. The disclosure for this sale can be found here. Insiders sold a total of 23,847 shares of company stock worth $856,877 over the last 90 days. Company insiders own 12.70% 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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