Legg Mason, Inc. (LM) Earns “Buy” Rating from Jefferies Group LLC
Legg Mason, Inc. (NYSE:LM)‘s stock had its “buy” rating reissued by analysts at Jefferies Group LLC in a report issued on Sunday. They currently have a $49.00 price target on the asset manager’s stock. Jefferies Group LLC’s price target indicates a potential upside of 31.47% from the company’s previous close. Jefferies Group also issued estimates for Legg Mason’s Q3 2018 earnings at $0.74 EPS, Q4 2018 earnings at $0.68 EPS, FY2018 earnings at $2.64 EPS and FY2019 earnings at $3.15 EPS.
Other equities analysts have also recently issued research reports about the company. BidaskClub upgraded Legg Mason from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 21st. Keefe, Bruyette & Woods restated a “buy” rating and set a $43.00 target price on shares of Legg Mason in a report on Tuesday, May 30th. Citigroup Inc. cut Legg Mason from a “buy” rating to a “neutral” rating in a report on Thursday, July 13th. TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a report on Friday, June 30th. Finally, ValuEngine cut Legg Mason from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $41.78.
Shares of Legg Mason (LM) opened at 37.27 on Friday. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 15.49 and a beta of 2.20. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08. The company has a 50 day moving average of $38.97 and a 200-day moving average of $37.53.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, beating the Zacks’ 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 during the quarter, compared to analyst estimates of $766.60 million. During the same period last year, the company posted $0.68 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts expect that Legg Mason will post $2.26 earnings per share for the current fiscal year.
In related 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.70% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in Legg Mason by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 1,168,567 shares of the asset manager’s stock valued at $42,196,000 after buying an additional 51,264 shares during the period. Boston Partners increased its stake in Legg Mason by 57.5% in the first quarter. Boston Partners now owns 211,476 shares of the asset manager’s stock valued at $7,636,000 after buying an additional 77,176 shares during the period. LSV Asset Management increased its stake in Legg Mason by 5.4% in the first quarter. LSV Asset Management now owns 1,402,296 shares of the asset manager’s stock valued at $50,636,000 after buying an additional 72,470 shares during the period. Canada Pension Plan Investment Board increased its stake in Legg Mason by 52.9% in the first quarter. Canada Pension Plan Investment Board now owns 15,600 shares of the asset manager’s stock valued at $563,000 after buying an additional 5,400 shares during the period. Finally, Oxbow Advisors LLC increased its stake in Legg Mason by 0.7% in the first quarter. Oxbow Advisors LLC now owns 113,495 shares of the asset manager’s stock valued at $4,098,000 after buying an additional 815 shares during the period. Institutional investors and hedge funds own 80.68% 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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