Zacks: Brokerages Expect Legg Mason, Inc. (LM) Will Post Quarterly Sales of $761.33 Million
Brokerages expect that Legg Mason, Inc. (NYSE:LM) will report sales of $761.33 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Legg Mason’s earnings, with the lowest sales estimate coming in at $735.10 million and the highest estimate coming in at $776.00 million. Legg Mason reported sales of $715.24 million during the same quarter last year, which indicates a positive year-over-year growth rate of 6.4%. The company is expected to report its next quarterly earnings results on Wednesday, February 7th.
On average, analysts expect that Legg Mason will report full-year sales of $761.33 million for the current fiscal year, with estimates ranging from $3.07 billion to $3.09 billion. For the next year, analysts anticipate that the company will post sales of $3.02 billion per share, with estimates ranging from $2.90 billion to $3.09 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Legg Mason.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.10. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The company had revenue of $768.30 million during the quarter, compared to analyst estimates of $739.47 million. During the same quarter last year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. AXA raised its position in Legg Mason by 96.6% during the third quarter. AXA now owns 253,400 shares of the asset manager’s stock valued at $9,961,000 after acquiring an additional 124,500 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Legg Mason by 2.8% in the third quarter. California Public Employees Retirement System now owns 327,610 shares of the asset manager’s stock valued at $12,878,000 after purchasing an additional 8,820 shares during the period. Janney Capital Management LLC bought a new position in shares of Legg Mason in the third quarter valued at approximately $275,000. Janus Henderson Group PLC bought a new position in shares of Legg Mason in the third quarter valued at approximately $389,000. Finally, Vident Investment Advisory LLC bought a new position in shares of Legg Mason in the third quarter valued at approximately $2,658,000. 82.58% of the stock is currently owned by hedge funds and other institutional investors.
Legg Mason (LM) opened at $40.15 on Friday. Legg Mason has a 12-month low of $29.71 and a 12-month high of $42.08. The firm has a market cap of $3,691.31, a PE ratio of 13.99, a PEG ratio of 0.94 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 2.51.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Wednesday, December 20th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.79%. The ex-dividend date is Tuesday, December 19th. Legg Mason’s payout ratio is presently 43.75%.
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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