Zacks: Analysts Anticipate Legg Mason, Inc. (LM) Will Announce Quarterly Sales of $737.24 Million
Brokerages expect Legg Mason, Inc. (NYSE:LM) to report sales of $737.24 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Legg Mason’s earnings, with the highest sales estimate coming in at $740.00 million and the lowest estimate coming in at $735.40 million. Legg Mason reported sales of $748.37 million in the same quarter last year, which suggests a negative year over year growth rate of 1.5%. The firm is scheduled to report its next quarterly earnings report on Friday, October 27th.
On average, analysts expect that Legg Mason will report full-year sales of $737.24 million for the current year, with estimates ranging from $2.96 billion to $3.04 billion. For the next fiscal year, analysts forecast that the business will post sales of $2.99 billion per share, with estimates ranging from $2.81 billion to $3.07 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Legg Mason.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The company had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.
Several analysts have weighed in on the company. Morgan Stanley cut Legg Mason from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $37.00 to $36.00 in a report on Thursday. Keefe, Bruyette & Woods reissued a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a report on Friday, September 29th. Barclays PLC began coverage on Legg Mason in a report on Friday, September 8th. They set an “equal weight” rating and a $39.00 price objective for the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target on shares of Legg Mason in a research note on Sunday, August 20th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $41.00 price target (down from $43.00) on shares of Legg Mason in a research note on Friday, August 11th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Legg Mason has an average rating of “Hold” and a consensus price target of $42.75.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of Legg Mason in the 2nd quarter valued at approximately $1,453,000. Public Employees Retirement System of Ohio grew its position in shares of Legg Mason by 30.8% in 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 purchasing an additional 12,655 shares during the period. Verition Fund Management LLC acquired a new position in shares of Legg Mason in the 2nd quarter valued at approximately $429,000. Nomura Holdings Inc. acquired a new position in shares of Legg Mason in the 2nd quarter valued at approximately $774,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Legg Mason in the 2nd quarter valued at approximately $9,946,000. Institutional investors and hedge funds own 82.28% of the company’s stock.
Legg Mason (NYSE LM) opened at 38.65 on Friday. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08. The firm has a market cap of $3.62 billion, a PE ratio of 16.06 and a beta of 2.22. The stock has a 50 day moving average of $37.82 and a 200 day moving average of $37.96.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be given a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.90%. Legg Mason’s dividend payout ratio is presently 46.47%.
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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