$779.21 Million in Sales Expected for Legg Mason, Inc. (LM) This Quarter
Analysts expect Legg Mason, Inc. (NYSE:LM) to announce $779.21 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Legg Mason’s earnings. The lowest sales estimate is $778.00 million and the highest is $779.90 million. Legg Mason posted sales of $700.17 million in the same quarter last year, which would indicate a positive year over year growth rate of 11.3%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Wednesday, July 26th.
On average, analysts expect that Legg Mason will report full-year sales of $779.21 million for the current financial year, with estimates ranging from $2.99 billion to $3.07 billion. For the next fiscal year, analysts anticipate that the business will report sales of $3.02 billion per share, with estimates ranging from $2.90 billion to $3.12 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Legg Mason.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. 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 previous year, the company earned ($0.15) EPS. The business’s revenue was up 16.7% on a year-over-year basis.
A number of equities analysts have weighed in on the stock. Citigroup Inc. lowered shares of Legg Mason from a “buy” rating to a “neutral” rating in a research report on Thursday, July 13th. BidaskClub upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Morgan Stanley reiterated an “equal weight” rating and set a $38.00 target price (up previously from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Credit Suisse Group reiterated a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research report on Sunday, July 9th. Finally, TheStreet upgraded shares of Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $40.78.
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Shares of Legg Mason (LM) traded down 0.69% during mid-day trading on Friday, reaching $40.26. 567,080 shares of the company’s stock traded hands. The firm has a 50-day moving average of $39.15 and a 200 day moving average of $36.55. The company has a market cap of $3.86 billion, a P/E ratio of 18.47 and a beta of 2.19. Legg Mason has a 12-month low of $28.10 and a 12-month high of $40.96.
The business also recently announced a quarterly dividend, which was paid on Monday, July 10th. Investors of record on Tuesday, June 13th were paid a $0.28 dividend. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Friday, June 9th. Legg Mason’s dividend payout ratio (DPR) is currently 50.91%.
In other Legg Mason news, insider Terence Johnson sold 8,777 shares of Legg Mason stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $37.24, for a total transaction of $326,855.48. Following the transaction, the insider now directly owns 100,415 shares of the company’s stock, valued at $3,739,454.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ursula Schliessler sold 1,745 shares of Legg Mason stock in a transaction that occurred on 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 directly owns 14,445 shares in the company, valued at $540,098.55. The disclosure for this sale can be found here. Insiders sold 4,243,022 shares of company stock worth $163,047,076 over the last ninety days. 12.70% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of LM. Nisa Investment Advisors LLC increased its position in Legg Mason by 16.4% in the first quarter. Nisa Investment Advisors LLC now owns 94,830 shares of the asset manager’s stock valued at $3,424,000 after buying an additional 13,385 shares during the period. Graybill Bartz & Assoc Ltd. acquired a new position in Legg Mason during the first quarter valued at approximately $2,813,000. Cornerstone Financial Partners LLC acquired a new position in Legg Mason during the first quarter valued at approximately $2,805,000. Atria Investments LLC acquired a new position in Legg Mason during the first quarter valued at approximately $227,000. Finally, Capstone Asset Management Co. increased its position in Legg Mason by 0.8% in the first quarter. Capstone Asset Management Co. now owns 12,085 shares of the asset manager’s stock valued at $436,000 after buying an additional 100 shares during the period. 80.12% of the stock is currently owned by hedge funds and other institutional investors.
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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