Legg Mason Inc. (LM) Receives Buy Rating from Citigroup Inc.
A number of other equities analysts also recently weighed in on LM. Zacks Investment Research downgraded shares of Legg Mason from a buy rating to a hold rating in a research note on Wednesday, July 13th. Wells Fargo & Co. reaffirmed a buy rating on shares of Legg Mason in a research note on Monday, July 18th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $4.00 target price on shares of Legg Mason in a research note on Monday, September 12th. Morgan Stanley raised their target price on shares of Legg Mason from $37.00 to $38.00 and gave the company an equal weight rating in a research note on Thursday, July 28th. Finally, Jefferies Group reaffirmed a buy rating on shares of Legg Mason in a research note on Thursday, August 11th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Legg Mason presently has a consensus rating of Buy and an average price target of $42.11.
Legg Mason (NYSE:LM) traded up 0.88% during trading on Tuesday, hitting $31.98. 96,523 shares of the company’s stock traded hands. The stock’s market cap is $3.31 billion. Legg Mason has a 12 month low of $24.93 and a 12 month high of $46.41. The company’s 50 day moving average is $33.62 and its 200-day moving average is $32.85.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. During the same quarter last year, the firm earned $1.14 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, analysts predict that Legg Mason will post $2.31 earnings per share for the current year.
The business also recently announced 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. This represents a $0.88 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s dividend payout ratio is currently -103.53%.
A number of large investors have recently modified their holdings of LM. Legal & General Group Plc increased its position in Legg Mason by 1.6% in the first quarter. Legal & General Group Plc now owns 474,810 shares of the company’s stock valued at $16,466,000 after buying an additional 7,259 shares during the last quarter. Bogle Investment Management L P DE increased its position 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 during the last quarter. Wellington Management Group LLP increased its position 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 during the last quarter. Ironwood Investment Counsel LLC acquired a new position in Legg Mason during the first quarter valued at $227,000. Finally, Geode Capital Management LLC increased its position 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 during the last quarter. Institutional investors own 78.70% 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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