Legg Mason, Inc. (LM) Coverage Initiated by Analysts at Barclays PLC
Barclays PLC assumed coverage on shares of Legg Mason, Inc. (NYSE:LM) in a note issued to investors on Friday, Marketbeat reports. The firm set an “equal weight” rating and a $39.00 price target on the asset manager’s stock. Barclays PLC’s target price would indicate a potential upside of 6.94% from the company’s current price.
LM has been the subject of a number of other research reports. Royal Bank Of Canada began coverage on Legg Mason in a report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 target price for the company. BidaskClub raised Legg Mason from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Credit Suisse Group reissued a “buy” rating and issued a $41.00 target price on shares of Legg Mason in a report on Friday, June 16th. ValuEngine raised Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $49.00 target price on shares of Legg Mason in a report on Sunday, August 20th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $42.00.
Legg Mason (NYSE:LM) traded down 0.46% on Friday, reaching $36.47. The company’s stock had a trading volume of 881,458 shares. The stock has a market cap of $3.41 billion, a PE ratio of 15.16 and a beta of 2.21. The company’s 50 day moving average price is $38.20 and its 200-day moving average price is $37.77. 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 earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The business 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 6.84% and a net margin of 8.21%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.68 EPS. On average, equities analysts expect that Legg Mason will post $2.26 EPS for the current year.
In related news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction 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 in the company, valued at $130,008.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LM. FNY Partners Fund LP purchased a new position in Legg Mason during the first quarter valued at $109,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Legg Mason by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after purchasing an additional 294 shares in the last quarter. IFP Advisors Inc lifted its position in Legg Mason by 235.4% during the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after purchasing an additional 2,500 shares in the last quarter. QCM Cayman Ltd. purchased a new position in Legg Mason during the second quarter valued at $200,000. Finally, Envestnet Asset Management Inc. lifted its position in Legg Mason by 23.1% during the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors own 82.31% of the company’s stock.
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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