Legg Mason, Inc. (LM) Rating Reiterated by Citigroup Inc.
Legg Mason, Inc. (NYSE:LM)‘s stock had its “neutral” rating reaffirmed by analysts at Citigroup Inc. in a note issued to investors on Friday. They presently have a $41.00 price objective on the asset manager’s stock, down from their prior price objective of $43.00. Citigroup Inc.’s price target indicates a potential upside of 9.48% from the company’s current price.
A number of other equities research analysts have also issued reports on LM. TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. BidaskClub lowered Legg Mason from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. Credit Suisse Group restated a “buy” rating and issued a $41.00 price target on shares of Legg Mason in a research report on Friday, June 16th. Jefferies Group LLC upped their price target on Legg Mason from $41.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Finally, ValuEngine upgraded Legg Mason from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $41.11.
Shares of Legg Mason (NYSE LM) traded up 1.01% during trading on Friday, reaching $37.83. The company had a trading volume of 60,845 shares. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08. The stock’s 50-day moving average price is $39.19 and its 200-day moving average price is $37.34. The company has a market capitalization of $3.54 billion, a PE ratio of 15.72 and a beta of 2.20.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The company had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. During the same period in the previous year, the business earned $0.68 EPS. Legg Mason’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities analysts expect that Legg Mason will post $2.26 EPS for the current fiscal year.
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In related news, Director Tian Qiao Chen sold 4,232,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the transaction, the director now directly owns 3,383 shares in the company, valued at $130,008.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LM. Raymond James Trust N.A. boosted its position in Legg Mason by 2.0% in the first quarter. Raymond James Trust N.A. now owns 13,752 shares of the asset manager’s stock worth $497,000 after buying an additional 271 shares in the last quarter. Capstone Asset Management Co. boosted its position in Legg Mason by 0.8% in the first quarter. Capstone Asset Management Co. now owns 12,085 shares of the asset manager’s stock worth $436,000 after buying an additional 100 shares in the last quarter. Atria Investments LLC acquired a new position in Legg Mason during the first quarter worth approximately $227,000. Cornerstone Financial Partners LLC acquired a new position in Legg Mason during the first quarter worth approximately $2,805,000. Finally, Graybill Bartz & Assoc Ltd. acquired a new position in Legg Mason during the first quarter worth approximately $2,813,000. Hedge funds and other institutional investors own 80.68% of the company’s stock.
About Legg Mason
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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