Jefferies Group Research Analysts Lift Earnings Estimates for Legg Mason, Inc. (NYSE:LM)
Legg Mason, Inc. (NYSE:LM) – Equities researchers at Jefferies Group lifted their Q2 2018 earnings per share estimates for shares of Legg Mason in a report issued on Wednesday. Jefferies Group analyst D. Fannon now expects that the asset manager will earn $0.69 per share for the quarter, up from their prior estimate of $0.68. Jefferies Group has a “Buy” rating and a $43.00 price target on the stock. Jefferies Group also issued estimates for Legg Mason’s Q3 2018 earnings at $0.73 EPS, FY2018 earnings at $2.62 EPS and FY2019 earnings at $3.07 EPS.
A number of other equities research analysts have also recently weighed in on LM. Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Thursday, April 13th. ValuEngine cut shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $43.00 target price on shares of Legg Mason in a report on Tuesday, May 30th. BidaskClub raised shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $41.00 target price on shares of Legg Mason in a report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $41.00.
Legg Mason (LM) opened at 39.59 on Monday. The company has a 50-day moving average price of $39.53 and a 200-day moving average price of $36.91. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 16.45 and a beta of 2.19.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The company had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio is currently 46.47%.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the firm’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Partners Fund LP purchased a new stake in shares of Legg Mason during the first quarter valued at $109,000. IFP Advisors Inc increased its stake 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 during the period. Envestnet Asset Management Inc. increased its stake 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 during the period. Yorktown Management & Research Co Inc bought a new stake in Legg Mason during the first quarter worth approximately $217,000. Finally, CIBC World Markets Inc. bought a new stake in Legg Mason during the first quarter worth approximately $219,000. 80.11% of the stock is owned by institutional investors and hedge funds.
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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