Legg Mason Inc. (LM) Price Target Cut to $33.00
Legg Mason Inc. (NYSE:LM) had its target price cut by Jefferies Group from $38.00 to $33.00 in a report issued on Tuesday. The brokerage currently has a “buy” rating on the stock. Jefferies Group’s price target points to a potential downside of 0.45% from the stock’s previous close.
Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $4.00 price target on shares of Legg Mason in a research report on Monday, September 12th. Zacks Investment Research raised shares of Legg Mason from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 27th. Citigroup Inc. upped their price target on shares of Legg Mason from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a research report on Monday, July 18th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $41.00 price target on shares of Legg Mason in a research report on Sunday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $37.67.
Shares of Legg Mason (NYSE:LM) traded down 4.07% during mid-day trading on Tuesday, hitting $31.80. 637,421 shares of the stock traded hands. Legg Mason has a one year low of $24.93 and a one year high of $46.41. The company’s 50 day moving average is $34.01 and its 200 day moving average is $32.94. The firm’s market capitalization is $3.30 billion.
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Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. During the same quarter in the prior year, the company posted $1.14 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. On average, equities analysts expect that Legg Mason will post $2.31 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s dividend payout ratio is -103.53%.
A number of institutional investors have recently added to or reduced their stakes in the company. Junto Capital Management LP acquired a new position in Legg Mason during the first quarter worth approximately $28,672,000. Darrell & King LLC acquired a new position in Legg Mason during the second quarter worth approximately $22,743,000. FMR LLC raised its position in Legg Mason by 27.3% in the second quarter. FMR LLC now owns 2,318,350 shares of the company’s stock worth $68,368,000 after buying an additional 497,323 shares in the last quarter. Clarkston Capital Partners LLC raised its position in Legg Mason by 21.6% in the second quarter. Clarkston Capital Partners LLC now owns 2,478,050 shares of the company’s stock worth $73,078,000 after buying an additional 439,825 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock worth $26,559,000 after buying an additional 421,217 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors and hedge funds.
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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