Legg Mason Price Target Cut to $56.00 (LM)
Keefe, Bruyette & Woods reduced their price objective on shares of Legg Mason (NYSE:LM) from $57.00 to $56.00 in a research note issued on Friday. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 18.52% from the stock’s previous close.
Legg Mason (NYSE:LM) traded down 0.42% during mid-day trading on Friday, hitting $47.25. 1,236,578 shares of the company’s stock traded hands. Legg Mason has a 52 week low of $32.11 and a 52 week high of $52.00. The stock’s 50-day moving average is $50.54 and its 200-day moving average is $47.22. The company has a market cap of $5.519 billion and a price-to-earnings ratio of 20.36. Legg Mason also saw a significant drop in short interest in July. As of July 15th, there was short interest totalling 4,569,761 shares, a drop of 35.9% from the June 30th total of 7,125,746 shares. Approximately 4.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 739,012 shares, the short-interest ratio is presently 6.2 days.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.56 by $0.35. The company had revenue of $693.90 million for the quarter, compared to the consensus estimate of $704.40 million. During the same quarter in the prior year, the company posted $0.68 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts predict that Legg Mason will post $2.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, October 27th. Stockholders of record on Thursday, October 9th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Tuesday, October 7th.
A number of other analysts have also recently weighed in on LM. Analysts at BMO Capital Markets raised their price target on shares of Legg Mason from $45.00 to $48.00 in a research note on Tuesday, July 15th. Separately, analysts at Susquehanna raised their price target on shares of Legg Mason from $40.00 to $45.00 in a research note on Thursday, July 10th. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Legg Mason in a research note on Wednesday, July 9th. They now have a $50.00 price target on the stock, up previously from $46.00. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Legg Mason has an average rating of “Hold” and an average price target of $48.82.
Legg Mason, Inc (NYSE:LM) is a global asset management company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.