Legg Mason Given “Neutral” Rating at Zacks (LM)
Legg Mason (NYSE:LM)‘s stock had its “neutral” rating restated by Zacks in a report released on Friday. They currently have a $53.00 target price on the stock. Zacks‘s target price points to a potential upside of 5.79% from the company’s current price.
Zacks’ analyst wrote, “Legg Mason’s fiscal fourth-quarter 2014 earnings missed the Zacks Consensus Estimate. However it came above the prior-year quarter figure. Results reflected top-line growth, lower operating expenses and increased assets under management (AUM). The recent acquisition of private asset manager QS Investors will strengthen its global investment products portfolio. We believe that Legg Mason has the potential to outperform its peers in the long run, given its diversified product mix and leverage in the changing market demography. However, a low interest rate environment and a volatile economy remain concerns.”
Legg Mason (NYSE:LM) traded down 0.16% on Friday, hitting $49.86. 339,707 shares of the company’s stock traded hands. Legg Mason has a 52 week low of $29.28 and a 52 week high of $50.95. The stock’s 50-day moving average is $48.25 and its 200-day moving average is $45.08. The company has a market cap of $5.824 billion and a P/E ratio of 21.43. Legg Mason also was the recipient of a significant decrease in short interest in May. As of May 15th, there was short interest totalling 6,708,156 shares, a decrease of 25.3% from the April 30th total of 8,983,217 shares. Currently, 5.7% of the shares of the stock are sold short. Based on an average daily 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 earnings per share for the quarter, meeting the analysts’ 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 last year, the company posted $0.52 earnings per share. Legg Mason’s revenue was up 2.0% compared to the same quarter last year. On average, analysts predict that Legg Mason will post $2.62 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, July 14th. Shareholders 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 1.28%. The ex-dividend date is Friday, June 13th. This is a positive change from Legg Mason’s previous quarterly dividend of $0.13.
Other equities research analysts have also recently issued reports about the stock. Analysts at Morgan Stanley cut their price target on shares of Legg Mason from $50.00 to $49.00 in a research note on Monday. Separately, 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. Finally, 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. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $45.62.
Legg Mason, Inc (NYSE:LM) is a global asset management company.
To view Zacks’ full report, visit Zacks’ official website.
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