Legg Mason, Inc. (LM) Given Consensus Rating of “Hold” by Brokerages
Legg Mason, Inc. (NYSE:LM) has been given an average recommendation of “Hold” by the thirteen analysts that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $41.50.
Several research firms have issued reports on LM. Citigroup Inc. dropped their price objective on Legg Mason from $43.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a report on Monday, July 31st. ValuEngine upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a report on Friday, June 30th. Finally, Morgan Stanley restated an “equal weight” rating and set a $38.00 price objective (up from $35.00) on shares of Legg Mason in a report on Monday, July 10th.
Shares of Legg Mason (LM) traded down 0.08% on Friday, hitting $37.45. 494,617 shares of the stock traded hands. The company has a market cap of $3.51 billion, a PE ratio of 15.57 and a beta of 2.20. The firm’s 50 day moving average is $39.19 and its 200-day moving average is $37.34. Legg Mason has a 12 month low of $28.10 and a 12 month high of $42.08.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The company had revenue of $793.80 million for the quarter, compared to the consensus estimate of $766.60 million. During the same period in the previous year, the business earned $0.68 EPS. Legg Mason’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities analysts predict that Legg Mason will post $2.26 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.99%. Legg Mason’s dividend payout ratio (DPR) is 46.47%.
In other news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the completion of the sale, the director now directly owns 3,383 shares in the company, valued at approximately $130,008.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 12.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bancorpsouth Inc. raised its position in Legg Mason by 4.8% in the second quarter. Bancorpsouth Inc. now owns 50,455 shares of the asset manager’s stock worth $1,925,000 after buying an additional 2,300 shares in the last quarter. OxFORD Asset Management LLP bought a new position in Legg Mason during the second quarter worth about $2,659,000. Ironwood Investment Counsel LLC raised its position in Legg Mason by 95.4% in the second quarter. Ironwood Investment Counsel LLC now owns 22,325 shares of the asset manager’s stock worth $852,000 after buying an additional 10,900 shares in the last quarter. Virtu KCG Holdings LLC raised its position in Legg Mason by 421.3% in the second quarter. Virtu KCG Holdings LLC now owns 57,134 shares of the asset manager’s stock worth $2,180,000 after buying an additional 46,174 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in Legg Mason by 2.9% in the second quarter. Parametric Portfolio Associates LLC now owns 585,942 shares of the asset manager’s stock worth $22,360,000 after buying an additional 16,699 shares in the last quarter. Institutional investors and hedge funds own 80.02% 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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