Research Analysts Set Expectations for Legg Mason Inc.’s Q3 2017 Earnings (LM)
Legg Mason Inc. (NYSE:LM) – Equities researchers at Jefferies Group dropped their Q3 2017 earnings per share (EPS) estimates for shares of Legg Mason in a research report issued to clients and investors on Tuesday. Jefferies Group analyst D. Fannon now expects that the firm will earn $0.68 per share for the quarter, down from their prior forecast of $0.71. Jefferies Group has a “Buy” rating and a $33.00 price objective on the stock. Jefferies Group also issued estimates for Legg Mason’s Q4 2017 earnings at $0.69 EPS and FY2017 earnings at $2.25 EPS.
A number of other research firms also recently issued reports on LM. Morgan Stanley restated a “hold” rating on shares of Legg Mason in a report on Friday, September 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $4.00 target price on shares of Legg Mason in a report on Monday, September 12th. Barclays PLC restated an “overweight” rating and issued a $41.00 target price on shares of Legg Mason in a report on Sunday, July 31st. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Friday, October 7th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Legg Mason presently has a consensus rating of “Buy” and a consensus target price of $37.67.
Legg Mason (NYSE:LM) traded down 2.08% on Thursday, hitting $32.02. 1,398,877 shares of the company were exchanged. The stock’s market cap is $3.32 billion. The firm has a 50 day moving average of $33.90 and a 200-day moving average of $32.93. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41.
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Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.06. The firm had revenue of $700.20 million for the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.14 EPS.
A number of hedge funds have recently bought and sold shares of LM. Seven Eight Capital LLC acquired a new stake in shares of Legg Mason during the first quarter worth $180,000. Neuberger Berman Group LLC acquired a new stake in shares of Legg Mason during the second quarter worth $220,000. Ironwood Investment Counsel LLC acquired a new stake in shares of Legg Mason during the first quarter worth $227,000. Fox Run Management L.L.C. acquired a new stake in shares of Legg Mason during the third quarter worth $244,000. Finally, Calvert Investment Management Inc. boosted its stake in shares of Legg Mason by 8.0% in the second quarter. Calvert Investment Management Inc. now owns 8,702 shares of the company’s stock worth $257,000 after buying an additional 643 shares during the period. 78.66% of the stock is currently owned by hedge funds and other institutional investors.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 4th. This represents a $0.88 annualized dividend and a yield of 2.69%. Legg Mason’s dividend 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.
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