Legg Mason Inc. (LM) Stock Rating Reaffirmed by Citigroup Inc.
Legg Mason Inc. (NYSE:LM)‘s stock had its “buy” rating reiterated by equities researchers at Citigroup Inc. in a research report issued on Tuesday.
A number of other analysts also recently issued reports on LM. Zacks Investment Research downgraded shares of Legg Mason from a “hold” rating to a “strong sell” rating in a report on Monday, July 4th. Jefferies Group reaffirmed a “buy” rating and set a $36.00 price objective (down from $39.00) on shares of Legg Mason in a report on Monday, July 11th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. Morgan Stanley increased their price objective on shares of Legg Mason from $37.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $41.00 price objective on shares of Legg Mason in a report on Sunday, July 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Legg Mason has an average rating of “Buy” and a consensus target price of $42.11.
Legg Mason (NYSE:LM) traded up 0.016% during mid-day trading on Tuesday, hitting $31.715. 501,063 shares of the stock were exchanged. The stock’s 50 day moving average is $33.69 and its 200 day moving average is $32.87. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41. The stock’s market cap is $3.29 billion.
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Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $700.20 million for the quarter, compared to the consensus estimate of $681.99 million. During the same period in the prior year, the firm posted $1.14 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. Analysts forecast that Legg Mason will post $2.31 EPS for the current fiscal year.
The company also recently disclosed 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 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s payout ratio is currently -103.53%.
Large investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its stake in Legg Mason by 0.9% in the second quarter. CIBC Asset Management Inc now owns 11,545 shares of the company’s stock valued at $340,000 after buying an additional 104 shares during the last quarter. Gyroscope Capital Management Group LLC boosted its stake in Legg Mason by 0.6% in the second quarter. Gyroscope Capital Management Group LLC now owns 18,329 shares of the company’s stock valued at $541,000 after buying an additional 116 shares during the last quarter. World Asset Management Inc boosted its stake in Legg Mason by 1.9% in the second quarter. World Asset Management Inc now owns 11,267 shares of the company’s stock valued at $332,000 after buying an additional 211 shares during the last quarter. Integrated Investment Consultants LLC boosted its stake in 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. Finally, Raymond James Trust N.A. boosted its stake in 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. Hedge funds and other institutional investors own 78.70% of the company’s stock.
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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