Legg Mason’s (LM) Buy Rating Reaffirmed at Credit Suisse Group
Legg Mason, Inc. (NYSE:LM)‘s stock had its “buy” rating restated by investment analysts at Credit Suisse Group in a research note issued on Sunday, July 9th. They currently have a $47.00 price objective on the asset manager’s stock. Credit Suisse Group’s price target would suggest a potential upside of 22.75% from the company’s previous close.
A number of other equities analysts have also commented on the company. Zacks Investment Research lowered Legg Mason from a “hold” rating to a “sell” rating in a research note on Monday, March 20th. Jefferies Group LLC restated a “buy” rating and set a $41.00 price target on shares of Legg Mason in a research note on Monday, March 27th. Royal Bank Of Canada started coverage on Legg Mason in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $43.00 price objective on shares of Legg Mason in a report on Tuesday, May 30th. Finally, BidaskClub raised Legg Mason from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Legg Mason presently has an average rating of “Hold” and a consensus price target of $41.00.
Legg Mason (LM) traded up 0.37% during trading on Friday, hitting $38.29. 1,051,269 shares of the company were exchanged. The firm’s 50 day moving average price is $39.59 and its 200-day moving average price is $37.10. Legg Mason has a 1-year low of $28.10 and a 1-year high of $42.08. The stock has a market capitalization of $3.63 billion, a PE ratio of 17.56 and a beta of 2.20.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. The company had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. During the same period last year, the company earned $0.68 earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. Equities analysts predict that Legg Mason will post $2.26 EPS for the current year.
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In related news, Director Tian Qiao Chen sold 4,232,500 shares of the company’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total value of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FNY Partners Fund LP bought a new position in Legg Mason during the first quarter valued at $109,000. IFP Advisors Inc boosted its position in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares in the last quarter. Credit Agricole S A boosted its position in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock valued at $147,000 after buying an additional 1,626 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after buying an additional 1,100 shares in the last quarter. Finally, Yorktown Management & Research Co Inc acquired a new position in shares of Legg Mason during the first quarter valued at approximately $217,000. 80.11% of the stock is currently owned by hedge funds and other institutional investors.
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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