Morgan Stanley Reiterates $27.00 Price Target for Legg Mason (LM)

Legg Mason (NYSE:LM) has been given a $27.00 price target by equities researchers at Morgan Stanley in a research note issued on Thursday, TipRanks reports. The brokerage currently has a “sell” rating on the asset manager’s stock. Morgan Stanley’s price objective would indicate a potential downside of 23.53% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Legg Mason from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Zacks Investment Research lowered shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday. Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Finally, Citigroup raised shares of Legg Mason from a “neutral” rating to a “buy” rating and lifted their price target for the company from $27.00 to $29.50 in a report on Tuesday, February 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Legg Mason presently has a consensus rating of “Hold” and a consensus price target of $32.44.

LM stock traded down $0.60 during mid-day trading on Thursday, hitting $35.31. The stock had a trading volume of 1,556,800 shares, compared to its average volume of 1,102,272. The company has a quick ratio of 1.33, a current ratio of 1.77 and a debt-to-equity ratio of 0.54. Legg Mason has a 52 week low of $23.25 and a 52 week high of $39.79. The firm has a market cap of $3.10 billion, a P/E ratio of 11.62, a P/E/G ratio of 0.70 and a beta of 1.73.

Legg Mason (NYSE:LM) last announced its quarterly earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.16. The company had revenue of $692.60 million for the quarter, compared to analyst estimates of $699.24 million. Legg Mason had a negative net margin of 0.98% and a positive return on equity of 7.24%. The firm’s revenue was down 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 EPS. Equities analysts predict that Legg Mason will post 3.17 EPS for the current year.

In related news, CAO Ursula Schliessler sold 3,608 shares of Legg Mason stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.03, for a total transaction of $129,996.24. Following the sale, the chief accounting officer now directly owns 27,495 shares in the company, valued at approximately $990,644.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Terence Johnson sold 18,525 shares of Legg Mason stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total transaction of $670,790.25. Following the sale, the executive vice president now owns 124,300 shares in the company, valued at $4,500,903. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,378 shares of company stock worth $2,292,180. 4.33% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Financial Architects Inc acquired a new stake in Legg Mason during the 4th quarter worth approximately $26,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Legg Mason in the 4th quarter worth approximately $104,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Legg Mason by 30.2% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,102 shares of the asset manager’s stock worth $112,000 after purchasing an additional 951 shares during the period. NumerixS Investment Technologies Inc acquired a new position in shares of Legg Mason in the 1st quarter worth approximately $132,000. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Legg Mason by 9.8% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock worth $159,000 after purchasing an additional 559 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

About Legg Mason

Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.

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