Research Analysts Offer Predictions for Legg Mason Inc.’s FY2019 Earnings (LM)
Legg Mason Inc. (NYSE:LM) – Stock analysts at Gabelli upped their FY2019 earnings estimates for shares of Legg Mason in a research note issued to investors on Thursday. Gabelli analyst M. Sykes now expects that the firm will post earnings per share of $4.00 for the year, up from their prior estimate of $3.95.
Other equities research analysts have also recently issued reports about the company. Jefferies Group reiterated a “buy” rating and issued a $36.00 price target (down from $39.00) on shares of Legg Mason in a research note on Monday, July 11th. Zacks Investment Research upgraded Legg Mason from a “strong sell” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Monday, July 11th. Citigroup Inc. boosted their price target on Legg Mason from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $44.00 price target on shares of Legg Mason in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Legg Mason currently has a consensus rating of “Buy” and an average price target of $42.11.
Legg Mason (NYSE:LM) traded down 0.22% during midday trading on Friday, hitting $31.95. The stock had a trading volume of 1,566,609 shares. Legg Mason has a 1-year low of $24.93 and a 1-year high of $46.41. The company has a 50-day moving average of $33.76 and a 200-day moving average of $32.91. The stock’s market cap is $3.31 billion.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm earned $1.14 EPS.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Thursday, October 6th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s payout ratio is -103.53%.
Several hedge funds and other institutional investors have recently made changes to their positions in LM. Legal & General Group Plc boosted its position in shares of Legg Mason by 1.6% in the first quarter. Legal & General Group Plc now owns 474,810 shares of the company’s stock worth $16,466,000 after buying an additional 7,259 shares during the last quarter. Bogle Investment Management L P DE boosted its position in shares of 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 worth $1,494,000 after buying an additional 9,116 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock worth $26,559,000 after buying an additional 421,217 shares during the last quarter. Ironwood Investment Counsel LLC purchased a new position in shares of Legg Mason during the first quarter worth approximately $227,000. Finally, Geode Capital Management LLC boosted its position in shares of Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock worth $35,467,000 after buying an additional 150,734 shares during the last quarter. Institutional investors own 78.66% of the company’s stock.
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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