Brokerages expect Legg Mason Inc (NYSE:LM) to announce sales of $704.10 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Legg Mason’s earnings, with the lowest sales estimate coming in at $704.00 million and the highest estimate coming in at $704.20 million. Legg Mason posted sales of $747.91 million in the same quarter last year, which would indicate a negative year over year growth rate of 5.9%. The company is expected to issue its next quarterly earnings report on Wednesday, July 24th.
According to Zacks, analysts expect that Legg Mason will report full-year sales of $2.88 billion for the current fiscal year, with estimates ranging from $2.87 billion to $2.88 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.95 billion, with estimates ranging from $2.86 billion to $3.01 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Legg Mason.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.16. Legg Mason had a negative net margin of 0.98% and a positive return on equity of 7.30%. The company had revenue of $692.60 million during the quarter, compared to analyst estimates of $699.24 million. During the same period in the prior year, the firm earned $0.86 earnings per share. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year.
A number of analysts recently weighed in on the stock. Morgan Stanley set a $27.00 price objective on shares of Legg Mason and gave the stock a “sell” rating in a research note on Thursday, May 16th. ValuEngine raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday, May 20th. Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $33.22.
In other Legg Mason news, CAO Ursula Schliessler sold 3,608 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.03, for a total value of $129,996.24. Following the completion of the transaction, the chief accounting officer now directly owns 27,495 shares in the company, valued at $990,644.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Terence Johnson sold 18,525 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.21, for a total transaction of $670,790.25. Following the completion of the transaction, the executive vice president now owns 124,300 shares of the company’s stock, valued at $4,500,903. The disclosure for this sale can be found here. Insiders sold 63,378 shares of company stock valued at $2,292,180 over the last quarter. 4.33% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its holdings in Legg Mason by 2,451.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 872,212 shares of the asset manager’s stock worth $34,000 after purchasing an additional 838,021 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Legg Mason during the fourth quarter valued at about $104,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Legg Mason by 30.2% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,102 shares of the asset manager’s stock valued at $112,000 after acquiring an additional 951 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new position in shares of Legg Mason during the first quarter valued at about $132,000. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Legg Mason by 9.8% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock valued at $159,000 after acquiring an additional 559 shares in the last quarter. Institutional investors and hedge funds own 84.51% of the company’s stock.
NYSE:LM opened at $36.70 on Thursday. Legg Mason has a 1-year low of $23.25 and a 1-year high of $37.61. The stock has a market capitalization of $3.18 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 0.69 and a beta of 1.51. The company has a quick ratio of 1.36, a current ratio of 1.82 and a debt-to-equity ratio of 0.53.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be issued a $0.40 dividend. The ex-dividend date is Monday, July 1st. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 4.36%. Legg Mason’s payout ratio is currently 44.74%.
Legg Mason Company Profile
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.
Further Reading: Return On Assets
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