Morgan Stanley Lowers Legg Mason, Inc. (LM) to Underweight
Morgan Stanley lowered shares of Legg Mason, Inc. (NYSE:LM) from an equal weight rating to an underweight rating in a research note published on Thursday morning, MarketBeat.com reports. The brokerage currently has $36.00 price objective on the asset manager’s stock, down from their prior price objective of $37.00.
Other equities analysts have also recently issued reports about the stock. TheStreet raised shares of Legg Mason from a c+ rating to a b rating in a report on Friday, June 30th. Royal Bank Of Canada reaffirmed a buy rating and issued a $47.00 target price on shares of Legg Mason in a report on Friday, July 28th. Credit Suisse Group reaffirmed a buy rating and issued a $41.00 target price on shares of Legg Mason in a report on Friday, June 16th. BidaskClub raised shares of Legg Mason from a hold rating to a buy rating in a report on Saturday, June 10th. Finally, ValuEngine raised shares of Legg Mason from a hold rating to a buy rating in a report on Saturday, June 10th. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $42.75.
Legg Mason (NYSE:LM) traded down 0.67% during mid-day trading on Thursday, hitting $38.39. 895,051 shares of the stock traded hands. The company has a 50 day moving average of $37.86 and a 200-day moving average of $37.98. Legg Mason has a 12-month low of $28.10 and a 12-month high of $42.08. The stock has a market cap of $3.59 billion, a PE ratio of 15.96 and a beta of 2.22.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. Equities research analysts forecast that Legg Mason will post $2.26 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 annualized dividend and a yield of 2.92%. Legg Mason’s dividend payout ratio is currently 46.47%.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd acquired a new position in Legg Mason in the 2nd quarter valued at $1,453,000. Public Employees Retirement System of Ohio increased its stake in Legg Mason by 30.8% in the 2nd 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 during the period. Verition Fund Management LLC acquired a new position in Legg Mason in the 2nd quarter valued at $429,000. Nomura Holdings Inc. acquired a new position in Legg Mason in the 2nd quarter valued at $774,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Legg Mason in the 2nd quarter valued at $9,946,000. 82.28% of the stock is currently owned by institutional investors.
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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