Legg Mason Inc. (LM) Given “Buy” Rating at Citigroup Inc.
Legg Mason Inc. (NYSE:LM)‘s stock had its “buy” rating reissued by equities research analysts at Citigroup Inc. in a note issued to investors on Tuesday.
LM has been the subject of a number of other reports. Zacks Investment Research upgraded Legg Mason from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $4.00 price target on shares of Legg Mason in a report on Monday, September 12th. Jefferies Group reiterated a “buy” rating and set a $36.00 price target (down from $39.00) on shares of Legg Mason in a report on Monday, July 11th. Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. Finally, Barclays PLC reiterated an “overweight” rating and set a $41.00 price target on shares of Legg Mason in a report on Sunday, July 31st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $42.11.
Shares of Legg Mason (NYSE:LM) traded up 0.0003% during mid-day trading on Tuesday, hitting $31.7101. The stock had a trading volume of 490,416 shares. The firm’s 50 day moving average price is $33.69 and its 200 day moving average price is $32.87. Legg Mason has a 1-year low of $24.93 and a 1-year high of $46.41. The company’s market cap is $3.29 billion.
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Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.06. The business earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. Legg Mason’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 earnings per share. Analysts predict that Legg Mason will post $2.31 earnings per share 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 $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 annualized dividend and a yield of 2.78%. Legg Mason’s payout ratio is -103.53%.
A number of institutional investors have recently made changes to their positions in the stock. Integrated Investment Consultants LLC boosted its position in shares of Legg Mason by 11.4% in the third quarter. Integrated Investment Consultants LLC now owns 3,175 shares of the company’s stock valued at $102,000 after buying an additional 325 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Legg Mason during the third quarter valued at $244,000. Raymond James Trust N.A. boosted its position in shares of Legg Mason by 3.3% in the third quarter. Raymond James Trust N.A. now owns 11,638 shares of the company’s stock valued at $390,000 after buying an additional 372 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Legg Mason by 55.8% in the third quarter. Fisher Asset Management LLC now owns 229,399 shares of the company’s stock valued at $7,680,000 after buying an additional 82,200 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new position in shares of Legg Mason during the second quarter valued at $264,000. 78.70% of the stock is currently owned by institutional investors and hedge funds.
Legg Mason Company Profile
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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