Legg Mason Reaches New 12-Month High at $49.80 (LM)
Legg Mason (NYSE:LM) hit a new 52-week high on Wednesday , American Banking and Market News reports. The stock traded as high as $49.80 and last traded at $49.69, with a volume of 387,095 shares changing hands. The stock had previously closed at $49.19.
Several analysts have recently commented on the stock. Analysts at BMO Capital Markets reiterated an “underperform” rating on shares of Legg Mason in a research note on Wednesday, May 14th. They now have a $44.00 price target on the stock. Separately, analysts at Citigroup Inc. upgraded shares of Legg Mason from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 14th. They now have a $56.00 price target on the stock, up previously from $45.00. Finally, analysts at Susquehanna reiterated a “neutral” rating on shares of Legg Mason in a research note on Tuesday, May 6th. They now have a $40.00 price target on the stock, down previously from $42.00. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $45.31.
The stock’s 50-day moving average is $47.44 and its 200-day moving average is $44.5. The company has a market cap of $5.848 billion and a price-to-earnings ratio of 21.11. Legg Mason also saw a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 6,708,156 shares, a decline of 25.3% from the April 30th total of 8,983,217 shares. Approximately 5.7% of the shares of the company are sold short. Based on an average daily trading volume, of 1,119,741 shares, the short-interest ratio is presently 6.0 days.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.58 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.58. The company had revenue of $681.40 million for the quarter, compared to the consensus estimate of $693.60 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, analysts predict that Legg Mason will post $2.60 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, July 14th. Investors of record on Tuesday, June 17th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Friday, June 13th. This is an increase from Legg Mason’s previous quarterly dividend of $0.13.
Legg Mason, Inc (NYSE:LM) is a global asset management company.
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