Legg Mason Inc (LM) Rating Lowered to Hold at ValuEngine
Legg Mason Inc (NYSE:LM) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
A number of other analysts have also recently commented on the stock. Zacks Investment Research cut shares of Legg Mason from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. Jefferies Group LLC reiterated a “buy” rating and set a $41.00 target price on shares of Legg Mason in a report on Monday, March 27th. Citigroup Inc lowered their target price on Legg Mason from $40.50 to $40.00 and set a “buy” rating for the company in a report on Wednesday, January 25th. Finally, Evercore ISI cut Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 target price for the company. in a report on Friday, March 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Legg Mason presently has an average rating of “Hold” and a consensus target price of $39.43.
Shares of Legg Mason (NYSE:LM) traded down 0.42% during mid-day trading on Tuesday, hitting $37.97. The stock had a trading volume of 382,138 shares. Legg Mason has a 12-month low of $27.54 and a 12-month high of $38.99. The stock’s 50-day moving average price is $37.19 and its 200-day moving average price is $34.34. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 17.42 and a beta of 1.93.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, April 26th. The asset manager reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The business had revenue of $723.13 million during the quarter, compared to analysts’ expectations of $701.50 million. During the same quarter in the prior year, the company earned ($0.15) EPS. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. On average, equities analysts anticipate that Legg Mason will post $2.26 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Friday, June 9th. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. Legg Mason’s dividend payout ratio is 87.13%.
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In other news, insider Terence Johnson sold 8,777 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $37.24, for a total transaction of $326,855.48. Following the completion of the transaction, the insider now directly owns 100,415 shares in the company, valued at approximately $3,739,454.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Ursula Schliessler sold 1,745 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $37.39, for a total transaction of $65,245.55. Following the transaction, the chief accounting officer now owns 14,445 shares of the company’s stock, valued at $540,098.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,847 shares of company stock valued at $856,877. Corporate insiders own 1.94% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. FNY Partners Fund LP acquired a new position in Legg Mason during the first quarter worth approximately $109,000. IFP Advisors Inc increased its position in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock worth $129,000 after buying an additional 2,500 shares in the last quarter. Credit Agricole S A increased its position in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock worth $147,000 after buying an additional 1,626 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in Legg Mason during the third quarter worth approximately $202,000. Finally, Envestnet Asset Management Inc. increased its position in Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after buying an additional 1,100 shares in the last quarter. Institutional investors own 78.75% 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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