Legg Mason Inc. (NYSE:LM) Receives $37.86 Average Price Target from Analysts
Shares of Legg Mason Inc. (NYSE:LM) have earned an average rating of “Buy” from the eleven research firms that are presently covering the firm. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $37.86.
A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Morgan Stanley reiterated a “hold” rating on shares of Legg Mason in a research report on Friday, September 9th. Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a research report on Monday, July 18th. Citigroup Inc. reiterated a “buy” rating and set a $45.00 price target on shares of Legg Mason in a research report on Thursday, June 30th. Finally, Jefferies Group reiterated a “buy” rating on shares of Legg Mason in a research report on Thursday, August 11th.
Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock valued at $26,559,000 after buying an additional 421,217 shares in the last quarter. Geode Capital Management LLC boosted its stake in Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock valued at $35,467,000 after buying an additional 150,734 shares in the last quarter. Junto Capital Management LP bought a new stake in Legg Mason during the first quarter valued at approximately $28,672,000. Bogle Investment Management L P DE boosted its stake in Legg Mason by 26.8% in the first quarter. Bogle Investment Management L P DE now owns 43,086 shares of the company’s stock valued at $1,494,000 after buying an additional 9,116 shares in the last quarter. Finally, Systematic Financial Management LP boosted its stake in Legg Mason by 24.3% in the second quarter. Systematic Financial Management LP now owns 302,497 shares of the company’s stock valued at $8,920,000 after buying an additional 59,227 shares in the last quarter. 78.66% of the stock is owned by hedge funds and other institutional investors.
Legg Mason (NYSE:LM) opened at 33.77 on Monday. The stock’s 50 day moving average price is $34.12 and its 200 day moving average price is $32.97. The company’s market cap is $3.50 billion. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.25 by $0.06. The firm had revenue of $700.20 million for the quarter, compared to analyst estimates of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. Legg Mason’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $1.14 earnings per share. Analysts expect that Legg Mason will post $2.31 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 4th. This represents a $0.88 annualized dividend and a dividend yield of 2.61%. Legg Mason’s dividend payout ratio is presently -103.53%.
About Legg Mason
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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