Jefferies Group Research Analysts Reduce Earnings Estimates for Legg Mason Inc. (LM)
Legg Mason Inc. (NYSE:LM) – Equities researchers at Jefferies Group reduced their Q2 2017 EPS estimates for shares of Legg Mason in a research report issued on Tuesday. Jefferies Group analyst D. Fannon now expects that the brokerage will post earnings of $0.58 per share for the quarter, down from their previous forecast of $0.62. Jefferies Group currently has a “Buy” rating and a $33.00 target price on the stock. Jefferies Group also issued estimates for Legg Mason’s Q1 2018 earnings at $0.69 EPS, Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.82 EPS, Q4 2018 earnings at $0.80 EPS and FY2018 earnings at $3.07 EPS.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $700.20 million for the quarter, compared to analysts’ expectations of $681.99 million. During the same quarter last year, the business earned $1.14 EPS. The firm’s revenue was down 1.2% compared to the same quarter last year.
Several other equities analysts have also issued reports on LM. Citigroup Inc. reiterated a “buy” rating and issued a $45.00 target price on shares of Legg Mason in a research note on Thursday, June 30th. Zacks Investment Research lowered Legg Mason from a “hold” rating to a “strong sell” rating in a research note on Monday, July 4th. Wells Fargo & Co. restated a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Morgan Stanley boosted their price target on Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 28th. Finally, Barclays PLC restated an “overweight” rating and set a $41.00 price target on shares of Legg Mason in a research note on Sunday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $37.67.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/12/jefferies-group-research-analysts-reduce-earnings-estimates-for-legg-mason-inc-lm.html
Legg Mason (NYSE:LM) traded up 1.94% during midday trading on Wednesday, reaching $32.63. 2,953,479 shares of the company’s stock were exchanged. Legg Mason has a 52 week low of $24.93 and a 52 week high of $46.41. The firm’s 50 day moving average is $33.95 and its 200 day moving average is $32.93. The firm’s market capitalization is $3.38 billion.
A number of hedge funds and other institutional investors have recently made changes to their positions in LM. Junto Capital Management LP bought a new position in shares of Legg Mason during the first quarter worth about $28,672,000. Darrell & King LLC bought a new position in shares of Legg Mason during the second quarter worth about $22,743,000. FMR LLC increased its position in shares of 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 during the last quarter. Clarkston Capital Partners LLC increased its position in shares of 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 during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of 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 during the last quarter. 78.66% of the stock is owned by institutional investors.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s payout ratio is presently -103.53%.
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.
Receive News & Ratings for Legg Mason Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legg Mason Inc. and related companies with MarketBeat.com's FREE daily email newsletter.