Legg Mason, Inc. (LM) Given Consensus Recommendation of “Hold” by Analysts
Shares of Legg Mason, Inc. (NYSE:LM) have been assigned a consensus rating of “Hold” from the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $43.11.
A number of brokerages recently weighed in on LM. BidaskClub downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Royal Bank Of Canada restated a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a research report on Friday, July 28th. Keefe, Bruyette & Woods restated a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a research report on Friday, September 29th. Morgan Stanley downgraded shares of Legg Mason from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $37.00 to $36.00 in a research report on Thursday, October 5th. Finally, Credit Suisse Group increased their price objective on shares of Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th.
Several hedge funds and other institutional investors have recently made changes to their positions in LM. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Legg Mason by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after purchasing an additional 294 shares in the last quarter. QCM Cayman Ltd. purchased a new stake in shares of Legg Mason in the second quarter worth $200,000. Gotham Asset Management LLC purchased a new stake in shares of Legg Mason in the second quarter worth $212,000. Institute for Wealth Management LLC. purchased a new stake in shares of Legg Mason in the second quarter worth $224,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Legg Mason in the third quarter worth $224,000. 84.68% of the stock is owned by hedge funds and other institutional investors.
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Shares of Legg Mason (LM) traded down $0.13 during trading on Monday, reaching $37.82. 972,300 shares of the company were exchanged, compared to its average volume of 1,090,538. The company has a market capitalization of $3,477.08, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 0.89 and a beta of 2.27. Legg Mason has a 12 month low of $29.71 and a 12 month high of $42.08. The company has a current ratio of 2.51, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.10. The company had revenue of $768.30 million for the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 earnings per share. equities research analysts predict that Legg Mason will post 2.84 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a $0.28 dividend. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.96%. Legg Mason’s dividend payout ratio (DPR) is presently 43.75%.
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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