Legg Mason Inc. (LM) PT Lowered to $33.00 at Jefferies Group
A number of other equities analysts have also recently weighed in on LM. Citigroup Inc. reissued a buy rating and issued a $45.00 price objective on shares of Legg Mason in a research report on Thursday, June 30th. Zacks Investment Research cut shares of Legg Mason from a hold rating to a strong sell rating in a research report on Monday, July 4th. Wells Fargo & Co. reaffirmed a buy rating on shares of Legg Mason in a research report on Monday, July 18th. Morgan Stanley increased their price target on shares of Legg Mason from $37.00 to $38.00 and gave the stock an equal weight rating in a research report on Thursday, July 28th. Finally, Barclays PLC reaffirmed an overweight rating and set a $41.00 price target on shares of Legg Mason in a research report on Sunday, July 31st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of Buy and an average target price of $37.67.
Legg Mason (NYSE:LM) opened at 32.4601 on Tuesday. Legg Mason has a 12 month low of $24.93 and a 12 month high of $46.41. The company has a 50-day moving average price of $33.83 and a 200 day moving average price of $32.93. The firm’s market cap is $3.36 billion.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.14 EPS. Equities research analysts anticipate that Legg Mason will post $2.31 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 annualized dividend and a dividend yield of 2.75%. Legg Mason’s payout ratio is currently -103.53%.
Large investors have recently made changes to their positions in the stock. Bogle Investment Management L P DE raised its stake in shares of Legg Mason by 26.8% in the first quarter. Bogle Investment Management L P DE now owns 43,086 shares of the company’s stock valued at $1,494,000 after buying an additional 9,116 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock valued at $26,559,000 after buying an additional 421,217 shares during the last quarter. Ironwood Investment Counsel LLC purchased a new stake in shares of Legg Mason during the first quarter valued at approximately $227,000. Geode Capital Management LLC raised its stake in shares of Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock valued at $35,467,000 after buying an additional 150,734 shares during the last quarter. Finally, Fairpointe Capital LLC raised its stake in shares of Legg Mason by 43.0% in the first quarter. Fairpointe Capital LLC now owns 51,850 shares of the company’s stock valued at $1,798,000 after buying an additional 15,600 shares during the last quarter. Institutional investors own 78.66% of the company’s stock.
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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