Legg Mason, Inc. (LM) Given Consensus Rating of “Hold” by Brokerages
Shares of Legg Mason, Inc. (NYSE:LM) have been given a consensus recommendation of “Hold” by the fourteen analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $41.29.
A number of equities analysts have issued reports on the stock. Credit Suisse Group reissued a “buy” rating and set a $47.00 price target on shares of Legg Mason in a research report on Sunday, July 9th. Jefferies Group LLC raised their price target on shares of Legg Mason from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Royal Bank Of Canada assumed coverage on shares of Legg Mason in a research report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price target for the company. Zacks Investment Research lowered shares of Legg Mason from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. Finally, BidaskClub raised shares of Legg Mason from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th.
Legg Mason (NYSE LM) remained flat at $39.65 on Tuesday. 266,627 shares of the company traded hands. Legg Mason has a 52 week low of $28.10 and a 52 week high of $40.82. The stock has a 50 day moving average price of $38.48 and a 200-day moving average price of $35.71. The stock has a market capitalization of $3.80 billion, a P/E ratio of 18.19 and a beta of 2.19.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, April 26th. The asset manager reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.29. The firm had revenue of $723.13 million during the quarter, compared to analyst estimates of $701.50 million. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. Legg Mason’s revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted ($0.15) EPS. On average, equities research analysts expect that Legg Mason will post $2.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 10th. Investors of record on Tuesday, June 13th were paid a $0.28 dividend. The ex-dividend date was Friday, June 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.82%. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. Legg Mason’s dividend payout ratio (DPR) is currently 50.91%.
In other Legg Mason news, CAO Ursula Schliessler sold 1,745 shares of Legg Mason stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.39, for a total transaction of $65,245.55. Following the sale, the chief accounting officer now owns 14,445 shares of the company’s stock, valued at approximately $540,098.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the sale, the director now directly owns 3,383 shares in the company, valued at approximately $130,008.69. The disclosure for this sale can be found here. Insiders sold a total of 4,243,022 shares of company stock worth $163,047,076 in the last three months. 12.70% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in LM. FNY Partners Fund LP acquired a new stake in shares of Legg Mason during the first quarter valued at about $109,000. IFP Advisors Inc boosted its stake in shares of Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares during the period. Credit Agricole S A boosted its stake in shares of Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock valued at $147,000 after buying an additional 1,626 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after buying an additional 1,100 shares during the period. Finally, Yorktown Management & Research Co Inc acquired a new stake in shares of Legg Mason during the first quarter valued at about $217,000. 80.12% of the stock is currently owned by institutional investors.
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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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