Q4 2018 EPS Estimates for Legg Mason, Inc. Boosted by Analyst (LM)
Legg Mason, Inc. (NYSE:LM) – Equities research analysts at Jefferies Group boosted their Q4 2018 earnings estimates for Legg Mason in a note issued to investors on Thursday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings of $0.68 per share for the quarter, up from their prior forecast of $0.67. Jefferies Group has a “Buy” rating and a $49.00 price target on the stock.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The firm had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. During the same period last year, the business posted $0.68 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. TRADEMARK VIOLATION NOTICE: “Q4 2018 EPS Estimates for Legg Mason, Inc. Boosted by Analyst (LM)” was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright legislation. The original version of this report can be accessed at https://www.thecerbatgem.com/2017/08/21/q4-2018-eps-estimates-for-legg-mason-inc-boosted-by-analyst-lm.html.
Other equities research analysts also recently issued research reports about the company. Citigroup Inc. reiterated a “neutral” rating and issued a $41.00 price objective (down previously from $43.00) on shares of Legg Mason in a report on Friday, August 11th. BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. ValuEngine raised Legg Mason from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $38.00 price objective (up from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Finally, TheStreet raised Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $41.78.
Legg Mason (NYSE LM) opened at 37.27 on Monday. The company’s 50-day moving average price is $38.97 and its 200 day moving average price is $37.53. The company has a market capitalization of $3.49 billion, a PE ratio of 15.49 and a beta of 2.20. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a yield of 3.01%. Legg Mason’s payout ratio is 46.47%.
In other 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 transaction, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 12.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LM. Bank of New York Mellon Corp raised its stake in Legg Mason by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 1,168,567 shares of the asset manager’s stock valued at $42,196,000 after buying an additional 51,264 shares during the last quarter. Boston Partners raised its stake in Legg Mason by 57.5% in the first quarter. Boston Partners now owns 211,476 shares of the asset manager’s stock worth $7,636,000 after buying an additional 77,176 shares in the last quarter. LSV Asset Management raised its stake in Legg Mason by 5.4% in the first quarter. LSV Asset Management now owns 1,402,296 shares of the asset manager’s stock worth $50,636,000 after buying an additional 72,470 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Legg Mason by 52.9% in the first quarter. Canada Pension Plan Investment Board now owns 15,600 shares of the asset manager’s stock worth $563,000 after buying an additional 5,400 shares in the last quarter. Finally, Oxbow Advisors LLC raised its stake in Legg Mason by 0.7% in the first quarter. Oxbow Advisors LLC now owns 113,495 shares of the asset manager’s stock worth $4,098,000 after buying an additional 815 shares in the last quarter. 80.68% of the stock is currently owned by institutional investors and hedge funds.
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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