Legg Mason, Inc. (LM) Downgraded to Underweight at Morgan Stanley
Legg Mason, Inc. (NYSE:LM) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Thursday, MarketBeat.com reports. They presently have a $36.00 price objective on the asset manager’s stock, down from their prior price objective of $37.00. Morgan Stanley’s target price indicates a potential downside of 6.86% from the company’s current price.
Other research analysts also recently issued reports about the stock. BidaskClub upgraded shares of Legg Mason from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 21st. Citigroup Inc. downgraded shares of Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. TheStreet upgraded shares of Legg Mason from a “c+” rating to a “b” rating in a research note on Friday, June 30th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a research note on Friday, September 29th. Finally, ValuEngine upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $42.75.
Legg Mason (NYSE:LM) traded down 0.77% during midday trading on Thursday, hitting $38.65. 1,255,940 shares of the stock traded hands. The company has a market cap of $3.62 billion, a PE ratio of 16.06 and a beta of 2.22. The company’s 50-day moving average is $37.81 and its 200-day moving average is $37.96. Legg Mason has a one year low of $28.10 and a one year high of $42.08.
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 consensus estimate of $0.43 by $0.09. The business had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 earnings per share. Equities research analysts expect that Legg Mason will post $2.26 EPS for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd acquired a new position in Legg Mason during the 2nd quarter valued at about $1,453,000. Public Employees Retirement System of Ohio increased its stake in Legg Mason by 30.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 53,710 shares of the asset manager’s stock valued at $2,050,000 after buying an additional 12,655 shares during the period. Verition Fund Management LLC acquired a new position in Legg Mason during the 2nd quarter valued at about $429,000. Nomura Holdings Inc. acquired a new position in Legg Mason during the 2nd quarter valued at about $774,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Legg Mason during the 2nd quarter valued at about $9,946,000. 82.28% 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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