$737.24 Million in Sales Expected for Legg Mason, Inc. (LM) This Quarter
Equities research analysts expect Legg Mason, Inc. (NYSE:LM) to post $737.24 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Legg Mason’s earnings, with estimates ranging from $735.40 million to $740.00 million. Legg Mason posted sales of $748.37 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.5%. The firm is expected to announce its next quarterly earnings report on Friday, October 27th.
According to Zacks, analysts expect that Legg Mason will report full-year sales of $737.24 million for the current financial year, with estimates ranging from $3.00 billion to $3.04 billion. For the next financial year, analysts forecast that the firm will post sales of $2.99 billion per share, with estimates ranging from $2.81 billion to $3.07 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Legg Mason.
Legg Mason (NYSE:LM) last issued 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. The company had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 earnings per share.
LM has been the topic of several analyst reports. TheStreet raised shares of Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Royal Bank Of Canada reissued a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research report on Friday, July 28th. BidaskClub downgraded shares of Legg Mason from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. Credit Suisse Group reissued a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research report on Sunday, July 9th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $49.00 target price on shares of Legg Mason in a research report on Sunday, August 20th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $42.75.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in shares of Legg Mason by 1,729.5% in the first quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock valued at $286,448,000 after buying an additional 7,499,031 shares during the period. Vanguard Group Inc. lifted its stake in shares of Legg Mason by 2.4% in the second quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock valued at $282,352,000 after buying an additional 174,167 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Legg Mason by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,281,797 shares of the asset manager’s stock valued at $118,506,000 after buying an additional 88,706 shares during the period. LSV Asset Management lifted its stake in shares of Legg Mason by 55.7% in the second quarter. LSV Asset Management now owns 2,183,004 shares of the asset manager’s stock valued at $83,303,000 after buying an additional 780,708 shares during the period. Finally, Laurion Capital Management LP bought a new stake in shares of Legg Mason in the second quarter valued at about $37,103,000. Institutional investors own 82.28% of the company’s stock.
Shares of Legg Mason (NYSE LM) traded down 0.21% on Friday, hitting $38.31. The company’s stock had a trading volume of 288,222 shares. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08. The stock’s 50 day moving average price is $37.86 and its 200 day moving average price is $37.98. The stock has a market capitalization of $3.59 billion, a P/E ratio of 15.92 and a beta of 2.23.
The company also recently declared 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is 46.47%.
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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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