Jefferies Group Equities Analysts Lower Earnings Estimates for Legg Mason Inc. (LM)
Legg Mason Inc. (NYSE:LM) – Stock analysts at Jefferies Group reduced their Q3 2017 earnings per share estimates for shares of Legg Mason in a report issued on Tuesday. Jefferies Group analyst D. Fannon now anticipates that the firm will post earnings per share of $0.68 for the quarter, down from their prior estimate of $0.71. Jefferies Group currently has a “Buy” rating and a $33.00 price target on the stock. Jefferies Group also issued estimates for Legg Mason’s Q4 2017 earnings at $0.69 EPS and FY2017 earnings at $2.25 EPS.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business had revenue of $700.20 million for the quarter, compared to analyst estimates of $681.99 million. During the same period last year, the business posted $1.14 EPS. Legg Mason’s revenue was down 1.2% compared to the same quarter last year.
Several other research firms have also recently weighed in on LM. Morgan Stanley reiterated a “hold” rating on shares of Legg Mason in a report on Friday, September 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $4.00 price target on shares of Legg Mason in a report on Monday, September 12th. Barclays PLC reiterated an “overweight” rating and issued a $41.00 price target on shares of Legg Mason in a report on Sunday, July 31st. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a report on Friday, October 7th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $42.11.
Legg Mason (NYSE:LM) traded down 0.22% on Thursday, reaching $31.95. 1,566,609 shares of the company were exchanged. Legg Mason has a 12-month low of $24.93 and a 12-month high of $46.41. The firm’s market capitalization is $3.31 billion. The stock has a 50 day moving average of $33.76 and a 200 day moving average of $32.91.
Several institutional investors have recently modified their holdings of the stock. Integrated Investment Consultants LLC raised its position in shares of Legg Mason by 11.4% in the third quarter. Integrated Investment Consultants LLC now owns 3,175 shares of the company’s stock valued at $102,000 after buying an additional 325 shares during the last quarter. Seven Eight Capital LLC bought a new position in shares of Legg Mason during the first quarter valued at $180,000. Ironwood Investment Counsel LLC bought a new position in shares of Legg Mason during the first quarter valued at $227,000. Fox Run Management L.L.C. bought a new position in shares of Legg Mason during the third quarter valued at $244,000. Finally, Neuberger Berman Group LLC bought a new position in shares of Legg Mason during the second quarter valued at $220,000. 78.66% of the stock is currently owned by institutional investors.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is currently -103.53%.
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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