Legg Mason, Inc. (LM) Receives Consensus Rating of “Hold” from Analysts
Shares of Legg Mason, Inc. (NYSE:LM) have been assigned a consensus recommendation of “Hold” from the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $42.25.
A number of brokerages have issued reports on LM. BidaskClub raised Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 price target on shares of Legg Mason in a report on Sunday, August 20th. Citigroup Inc. reaffirmed a “neutral” rating and set a $41.00 price target (down from $43.00) on shares of Legg Mason in a report on Friday, August 11th. ValuEngine raised Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $38.00 price target (up from $35.00) on shares of Legg Mason in a report on Monday, July 10th.
In other news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the sale, the director now owns 3,383 shares in the company, valued at $130,008.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.70% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of LM. Capstone Asset Management Co. increased its position in shares of Legg Mason by 0.8% during the first quarter. Capstone Asset Management Co. now owns 12,085 shares of the asset manager’s stock worth $436,000 after purchasing an additional 100 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of Legg Mason by 1.2% during the first quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock worth $5,781,000 after purchasing an additional 1,913 shares in the last quarter. IFP Advisors Inc increased its position in shares of Legg Mason by 235.4% during the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock worth $129,000 after purchasing an additional 2,500 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Legg Mason by 52.9% during the first quarter. Canada Pension Plan Investment Board now owns 15,600 shares of the asset manager’s stock worth $563,000 after purchasing an additional 5,400 shares in the last quarter. Finally, Boston Partners increased its position in shares of Legg Mason by 57.5% during the first quarter. Boston Partners now owns 211,476 shares of the asset manager’s stock worth $7,636,000 after purchasing an additional 77,176 shares in the last quarter. Institutional investors and hedge funds own 82.31% of the company’s stock.
Shares of Legg Mason (NYSE:LM) traded down 0.27% on Wednesday, reaching $36.57. The company had a trading volume of 371,048 shares. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08. The company has a 50 day moving average of $38.51 and a 200-day moving average of $37.79. The company has a market capitalization of $3.42 billion, a P/E ratio of 15.20 and a beta of 2.21.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The company had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. Legg Mason’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 EPS. Analysts predict that Legg Mason will post $2.26 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is currently 46.47%.
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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