Barclays PLC Begins Coverage on Legg Mason, Inc. (LM)
Barclays PLC began coverage on shares of Legg Mason, Inc. (NYSE:LM) in a research report released on Friday morning, Marketbeat.com reports. The brokerage issued an equal weight rating and a $39.00 price objective on the asset manager’s stock.
LM has been the topic of a number of other research reports. Royal Bank Of Canada assumed coverage on Legg Mason in a research report on Thursday, June 29th. They set an outperform rating and a $45.00 price objective on the stock. BidaskClub upgraded Legg Mason from a hold rating to a buy rating in a research report on Wednesday, July 12th. Credit Suisse Group reiterated a buy rating and set a $41.00 price objective on shares of Legg Mason in a research report on Friday, June 16th. ValuEngine upgraded Legg Mason from a hold rating to a buy rating in a research report on Saturday, June 10th. Finally, Jefferies Group LLC reiterated a buy rating and set a $49.00 price objective on shares of Legg Mason in a research report on Sunday, August 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Legg Mason presently has a consensus rating of Hold and an average target price of $42.00.
Shares of Legg Mason (NYSE:LM) opened at 36.47 on Friday. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 15.16 and a beta of 2.21. Legg Mason has a 12-month low of $28.10 and a 12-month high of $42.08. The company’s 50-day moving average price is $38.20 and its 200 day moving average price is $37.77.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the Zacks’ 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 the consensus estimate of $766.60 million. During the same quarter last year, the business posted $0.68 earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. On average, equities analysts predict that Legg Mason will post $2.26 earnings per share for the current year.
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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 given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a yield of 3.07%. Legg Mason’s dividend payout ratio is currently 46.47%.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Legg Mason in the second quarter valued at $1,453,000. Public Employees Retirement System of Ohio grew its stake in shares of Legg Mason by 30.8% in the second quarter. Public Employees Retirement System of Ohio now owns 53,710 shares of the asset manager’s stock valued at $2,050,000 after buying an additional 12,655 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Legg Mason in the second quarter valued at $429,000. Nomura Holdings Inc. acquired a new stake in shares of Legg Mason in the second quarter valued at $774,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Legg Mason in the second quarter valued at $9,946,000. 82.31% of the stock is 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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