Legg Mason Inc. (LM) Stock Price Up 3.2%
Legg Mason Inc. (NYSE:LM)’s share price rose 3.2% during trading on Thursday . The stock traded as high as $32.71 and last traded at $32.47, with a volume of 1,096,060 shares changing hands. The stock had previously closed at $31.47.
LM has been the topic of several recent research reports. Credit Suisse Group AG raised shares of Legg Mason from a “neutral” rating to an “outperform” rating and increased their target price for the company from $39.00 to $49.00 in a report on Wednesday, March 16th. They noted that the move was a valuation call. Jefferies Group reaffirmed a “buy” rating and set a $42.00 target price (up previously from $37.00) on shares of Legg Mason in a report on Tuesday, March 29th. Royal Bank Of Canada dropped their price target on shares of Legg Mason from $49.00 to $41.00 and set a “sector perform” rating for the company in a research report on Monday, April 25th. Piper Jaffray Cos. reissued an “overweight” rating and set a $51.00 price target on shares of Legg Mason in a research report on Thursday, May 5th. Finally, Citigroup Inc. reissued a “buy” rating and set a $46.00 price target (up previously from $43.00) on shares of Legg Mason in a research report on Friday, April 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $42.73.
The company has a 50 day moving average of $31.54 and a 200-day moving average of $32.00. The company’s market capitalization is $3.40 billion.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Friday, April 29th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.32. During the same quarter in the prior year, the firm posted $1.03 EPS. The business earned $619.50 million during the quarter, compared to the consensus estimate of $631.88 million. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. Equities analysts predict that Legg Mason Inc. will post $2.29 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Monday, June 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.73%. The ex-dividend date was Thursday, June 9th. This is a boost from Legg Mason’s previous quarterly dividend of $0.20.
In other Legg Mason news, CAO Ursula Schliessler sold 1,659 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $31.69, for a total transaction of $52,573.71. Following the transaction, the chief accounting officer now owns 11,394 shares in the company, valued at $361,075.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carol Anthony Davidson acquired 3,000 shares of the business’s stock in a transaction on Monday, June 6th. The shares were purchased at an average price of $33.92 per share, for a total transaction of $101,760.00. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $101,760. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position in Legg Mason by 4.9% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 26,496 shares of the company’s stock worth $1,039,000 after buying an additional 1,248 shares during the period. Bank of Montreal Can boosted its position in Legg Mason by 8.9% in the fourth quarter. Bank of Montreal Can now owns 29,114 shares of the company’s stock worth $1,142,000 after buying an additional 2,374 shares during the period. Gulf International Bank UK Ltd boosted its position in Legg Mason by 1.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 30,941 shares of the company’s stock worth $1,214,000 after buying an additional 300 shares during the period. Norinchukin Bank The boosted its position in Legg Mason by 3.4% in the fourth quarter. Norinchukin Bank The now owns 35,003 shares of the company’s stock worth $1,373,000 after buying an additional 1,153 shares during the period. Finally, Nationwide Fund Advisors boosted its position in Legg Mason by 13.2% in the fourth quarter. Nationwide Fund Advisors now owns 47,555 shares of the company’s stock worth $1,866,000 after buying an additional 5,543 shares during the period.
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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