Short Interest in Legg Mason Decreases By 35.9% (LM)
Legg Mason (NYSE:LM) was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totalling 4,569,761 shares, a decline of 35.9% from the June 30th total of 7,125,746 shares, StockRatingsNetwork reports. Currently, 4.0% of the company’s stock are sold short. Based on an average daily volume of 739,012 shares, the days-to-cover ratio is currently 6.2 days.
A number of research firms have recently commented on LM. Analysts at Keefe, Bruyette & Woods cut their price target on shares of Legg Mason from $57.00 to $56.00 in a research note on Friday. They now have an “outperform” rating on the stock. Separately, 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. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Legg Mason currently has an average rating of “Hold” and an average target price of $48.82.
Legg Mason (NYSE:LM) opened at 47.39 on Tuesday. Legg Mason has a one year low of $32.11 and a one year high of $52.00. The stock’s 50-day moving average is $50.48 and its 200-day moving average is $47.29. The company has a market cap of $5.535 billion and a price-to-earnings ratio of 18.40.
Legg Mason (NYSE:LM) last released its earnings data 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. Analysts expect that Legg Mason will post $2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, October 27th. Investors of record on Thursday, October 9th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Tuesday, October 7th.
Legg Mason, Inc (NYSE:LM) is a global asset management company.
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