Legg Mason Inc. (LM) Trading Up 3.2%
Legg Mason Inc. (NYSE:LM)’s share price was up 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.
Several equities analysts have recently commented on LM shares. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a report on Monday, March 28th. Jefferies Group restated a “buy” rating and set a $42.00 price target (up from $37.00) on shares of Legg Mason in a report on Tuesday, March 29th. Barclays PLC restated a “buy” rating on shares of Legg Mason in a report on Wednesday, April 6th. Citigroup Inc. restated a “buy” rating and set a $46.00 price target (up from $43.00) on shares of Legg Mason in a report on Friday, April 15th. Finally, Royal Bank Of Canada lowered their price target on shares of Legg Mason from $49.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, April 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $42.73.
The stock’s market capitalization is $3.44 billion. The firm has a 50-day moving average price of $31.46 and a 200-day moving average price of $31.95.
Legg Mason (NYSE:LM) last posted its earnings results on Friday, April 29th. The company reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.47) by $0.32. The firm earned $619.50 million during the quarter, compared to analyst estimates of $631.88 million. During the same quarter last year, the business posted $1.03 earnings per share. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities research analysts expect that Legg Mason Inc. will post $2.29 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Monday, June 13th were issued a dividend of $0.22 per share. This is a positive change from Legg Mason’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, June 9th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.69%.
In related news, major shareholder Tian Qiao Chen sold 16,000 shares of the firm’s stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of $32.11, for a total transaction of $513,760.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ursula Schliessler sold 1,659 shares of the firm’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $31.69, for a total transaction of $52,573.71. Following the sale, the chief accounting officer now owns 11,394 shares in the company, valued at $361,075.86. The disclosure for this sale can be found here.
Other large investors recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its stake in shares of 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 last quarter. Bank of Montreal Can raised its stake in shares of 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 last quarter. Gulf International Bank UK Ltd raised its stake in shares of 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 last quarter. Norinchukin Bank The raised its stake in shares of 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 last quarter. Finally, Nationwide Fund Advisors raised its stake in shares of 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 last quarter.
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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