$737.24 Million in Sales Expected for Legg Mason, Inc. (LM) This Quarter
Brokerages expect that Legg Mason, Inc. (NYSE:LM) will report sales of $737.24 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Legg Mason’s earnings, with the highest sales estimate coming in at $740.00 million and the lowest estimate coming in at $735.40 million. Legg Mason reported sales of $748.37 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 1.5%. The business is scheduled to issue its next quarterly earnings report on Friday, October 27th.
On average, analysts expect that Legg Mason will report full year sales of $737.24 million for the current fiscal year, with estimates ranging from $2.96 billion to $3.04 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.99 billion per share, with estimates ranging from $2.81 billion to $3.07 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Legg Mason.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, topping the 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 business had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. During the same period in the prior year, the company earned $0.68 EPS. Legg Mason’s revenue for the quarter was up 13.4% on a year-over-year basis.
Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods restated a “buy” rating and issued a $43.00 price objective on shares of Legg Mason in a research note on Tuesday, May 30th. BidaskClub upgraded Legg Mason from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 21st. Citigroup Inc. lowered Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a research note on Friday, June 30th. Finally, ValuEngine lowered Legg Mason from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Legg Mason presently has a consensus rating of “Hold” and an average target price of $41.11.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction 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 completion of the sale, the director now owns 3,383 shares in the company, valued at approximately $130,008.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of LM. Bancorpsouth Inc. raised its position in shares of Legg Mason by 4.8% in the second quarter. Bancorpsouth Inc. now owns 50,455 shares of the asset manager’s stock worth $1,925,000 after buying an additional 2,300 shares during the last quarter. OxFORD Asset Management LLP purchased a new position in shares of Legg Mason during the second quarter worth $2,659,000. Ironwood Investment Counsel LLC raised its position in shares of Legg Mason by 95.4% in the second quarter. Ironwood Investment Counsel LLC now owns 22,325 shares of the asset manager’s stock worth $852,000 after buying an additional 10,900 shares during the last quarter. Virtu KCG Holdings LLC raised its position in shares of Legg Mason by 421.3% in the second quarter. Virtu KCG Holdings LLC now owns 57,134 shares of the asset manager’s stock worth $2,180,000 after buying an additional 46,174 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Legg Mason by 2.9% in the second quarter. Parametric Portfolio Associates LLC now owns 585,942 shares of the asset manager’s stock worth $22,360,000 after buying an additional 16,699 shares during the last quarter. Hedge funds and other institutional investors own 80.02% of the company’s stock.
Shares of Legg Mason (NYSE LM) traded down 0.08% during mid-day trading on Friday, hitting $37.45. The company had a trading volume of 494,617 shares. The company’s 50-day moving average is $39.19 and its 200 day moving average is $37.34. The company has a market capitalization of $3.51 billion, a PE ratio of 15.57 and a beta of 2.20. Legg Mason has a one year low of $28.10 and a one year high of $42.08.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be paid a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a yield of 2.99%. Legg Mason’s payout ratio is presently 46.47%.
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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