Q3 2018 Earnings Estimate for Legg Mason, Inc. Issued By Jefferies Group (LM)
Legg Mason, Inc. (NYSE:LM) – Investment analysts at Jefferies Group lifted their Q3 2018 earnings per share estimates for Legg Mason in a research report issued on Thursday. Jefferies Group analyst D. Fannon now expects that the asset manager will post earnings per share of $0.74 for the quarter, up from their prior estimate of $0.73. Jefferies Group currently has a “Buy” rating and a $43.00 target price on the stock. Jefferies Group also issued estimates for Legg Mason’s FY2018 earnings at $2.64 EPS and FY2019 earnings at $3.15 EPS.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The business’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.68 earnings per share. TRADEMARK VIOLATION NOTICE: “Q3 2018 Earnings Estimate for Legg Mason, Inc. Issued By Jefferies Group (LM)” was published by American Banking News and is the property of of American Banking News. If you are accessing this report on another site, it was illegally copied and republished in violation of US and international trademark and copyright laws. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/08/18/q3-2018-earnings-estimate-for-legg-mason-inc-issued-by-jefferies-group-lm.html.
Several other equities research analysts also recently weighed in on the company. Citigroup Inc. reissued a “neutral” rating and set a $41.00 price objective (down previously from $43.00) on shares of Legg Mason in a report on Friday, August 11th. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Royal Bank Of Canada reissued a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a report on Friday, July 28th. Morgan Stanley reissued an “equal weight” rating and set a $38.00 price objective (up previously from $35.00) on shares of Legg Mason in a report on Monday, July 10th. Finally, Credit Suisse Group reissued a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a report on Sunday, July 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $41.11.
Shares of Legg Mason (NYSE LM) traded up 1.32% during trading on Friday, hitting $37.50. The stock had a trading volume of 216,864 shares. Legg Mason has a one year low of $28.10 and a one year high of $42.08. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 15.59 and a beta of 2.20. The stock has a 50 day moving average price of $39.00 and a 200-day moving average price of $37.50.
The business also recently announced 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 3.03%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s payout ratio is presently 46.47%.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction dated 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 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 Securities & Exchange Commission, which can be accessed through this link. 12.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LM. Capstone Asset Management Co. increased its position in shares of 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 last quarter. Atria Investments LLC bought a new position in shares of Legg Mason during the first quarter valued at approximately $227,000. Nisa Investment Advisors LLC increased its position in shares of 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 last quarter. Nationwide Fund Advisors increased its position in shares of Legg Mason by 1.2% in the first quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock valued at $5,781,000 after buying an additional 1,913 shares during the last quarter. Finally, Westbourne Investment Advisors Inc. increased its position in shares of Legg Mason by 1.8% in the first quarter. Westbourne Investment Advisors Inc. now owns 12,508 shares of the asset manager’s stock valued at $452,000 after buying an additional 223 shares during the last quarter. 80.68% of the stock is currently owned by hedge funds and other institutional investors.
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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