Olstein Capital Management buys $15,730,576 stake in Legg Mason Inc (LM)

Legg Mason Inc (LM) : Olstein Capital Management scooped up 123,400 additional shares in Legg Mason Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 9, 2016. The investment management firm now holds a total of 513,400 shares of Legg Mason Inc which is valued at $15,730,576.Legg Mason Inc makes up approximately 2.19% of Olstein Capital Management’s portfolio.

Other Hedge Funds, Including , Airain Ltd sold out all of its stake in LM during the most recent quarter. The investment firm sold 23,795 shares of LM which is valued $729,079.Tiaa Cref Investment Management boosted its stake in LM in the latest quarter, The investment management firm added 56,495 additional shares and now holds a total of 739,648 shares of Legg Mason Inc which is valued at $23,025,242. Legg Mason Inc makes up approx 0.02% of Tiaa Cref Investment Management’s portfolio.Teachers Advisors Inc reduced its stake in LM by selling 232,753 shares or 28.81% in the most recent quarter. The Hedge Fund company now holds 575,271 shares of LM which is valued at $17,908,186. Legg Mason Inc makes up approx 0.03% of Teachers Advisors Inc’s portfolio. Oxbow Advisors added LM to its portfolio by purchasing 69,900 company shares during the most recent quarter which is valued at $2,175,987. Legg Mason Inc makes up approx 0.30% of Oxbow Advisors’s portfolio.Louisiana State Employees Retirement System reduced its stake in LM by selling 300 shares or 4.0% in the most recent quarter. The Hedge Fund company now holds 7,200 shares of LM which is valued at $231,192. Legg Mason Inc makes up approx 0.01% of Louisiana State Employees Retirement System’s portfolio.

Legg Mason Inc closed down -0.62 points or -1.98% at $30.64 with 19,05,006 shares getting traded on Friday. Post opening the session at $31.17, the shares hit an intraday low of $30.535 and an intraday high of $31.94 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Legg Mason Inc reported $-0.15 EPS for the quarter, missing the analyst consensus estimate by $ -0.85 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.70. The company had revenue of $619.50 million for the quarter, compared to analysts expectations of $635.03 million. The company’s revenue was down -11.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.03 EPS.

Many Wall Street Analysts have commented on Legg Mason Inc. Shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Sector Perform” and Lowered the Price Target to $ 35 from a previous price target of $41 .Shares were Reiterated by RBC Capital Mkts on Apr 25, 2016 to “Sector Perform” and Lowered the Price Target to $ 41 from a previous price target of $49 .Legg Mason Inc was Upgraded by Credit Suisse to ” Outperform” on Mar 16, 2016.

Legg Mason Inc. is a holding company. Through its subsidiaries the Company provides investment management and related services to institutional and individual clients company-sponsored investment funds and retail separately managed account programs. The Company offers its products and services directly and through various financial intermediaries. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in numerous investment styles for institutional and individual investors. Its investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income equity and alternative funds managed in a wide variety of investment styles. The Company also offers other domestic and offshore funds to both retail and institutional investors and funds-of-hedge funds. The Company’s United States mutual funds consist of two groups of mutual and closed-end funds.

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