Legg Mason Inc (LM) Expected to Post Quarterly Sales of $763.47 Million

Brokerages expect that Legg Mason Inc (NYSE:LM) will post sales of $763.47 million for the current quarter, Zacks reports. Three analysts have provided estimates for Legg Mason’s earnings, with estimates ranging from $757.60 million to $769.80 million. Legg Mason posted sales of $723.13 million during the same quarter last year, which suggests a positive year over year growth rate of 5.6%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, April 25th.

According to Zacks, analysts expect that Legg Mason will report full year sales of $763.47 million for the current financial year, with estimates ranging from $3.11 billion to $3.13 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $3.07 billion per share, with estimates ranging from $3.00 billion to $3.12 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Legg Mason.

Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, January 24th. The asset manager reported $1.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.18. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The business had revenue of $793.10 million during the quarter, compared to analysts’ expectations of $777.11 million. During the same period in the previous year, the business earned $0.50 earnings per share. The firm’s revenue was up 10.9% on a year-over-year basis.

LM has been the subject of a number of research reports. Royal Bank of Canada set a $47.00 price objective on Legg Mason and gave the stock a “buy” rating in a report on Wednesday, October 18th. Deutsche Bank initiated coverage on Legg Mason in a report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price objective for the company. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Wednesday, November 8th. Citigroup reiterated a “hold” rating and issued a $42.00 price objective on shares of Legg Mason in a report on Tuesday, December 26th. Finally, Jefferies Group cut Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $45.91.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LM. Bessemer Group Inc. lifted its stake in shares of Legg Mason by 219.1% in the 4th quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock valued at $189,000 after acquiring an additional 3,089 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Legg Mason by 47.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock valued at $198,000 after acquiring an additional 1,518 shares during the last quarter. Murphy Pohlad Asset Management LLC bought a new stake in shares of Legg Mason in the 4th quarter valued at about $205,000. Gotham Asset Management LLC bought a new stake in shares of Legg Mason in the 2nd quarter valued at about $212,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of Legg Mason in the 3rd quarter valued at about $224,000. 83.14% of the stock is owned by institutional investors.

Legg Mason (LM) opened at $37.79 on Friday. Legg Mason has a fifty-two week low of $34.10 and a fifty-two week high of $47.13. The company has a quick ratio of 1.79, a current ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $3,428.11, a PE ratio of 10.38, a PEG ratio of 0.65 and a beta of 2.19.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is presently 30.77%.

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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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Earnings History and Estimates for Legg Mason (NYSE:LM)

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