Legg Mason Inc (LM) Receives $44.40 Average Target Price from Brokerages
Shares of Legg Mason Inc (NYSE:LM) have earned a consensus recommendation of “Hold” from the thirteen analysts that are presently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $44.40.
LM has been the subject of a number of recent research reports. Morgan Stanley dropped their target price on Legg Mason from $34.00 to $31.00 and set an “underweight” rating for the company in a research report on Thursday, August 2nd. Royal Bank of Canada reiterated a “buy” rating and issued a $40.00 price objective on shares of Legg Mason in a research report on Thursday, July 26th. Wells Fargo & Co lowered their price objective on Legg Mason from $44.00 to $43.00 and set an “outperform” rating for the company in a research report on Friday, July 13th. TheStreet downgraded Legg Mason from a “b” rating to a “c+” rating in a research report on Thursday, June 7th. Finally, ValuEngine downgraded Legg Mason from a “hold” rating to a “sell” rating in a research report on Wednesday, June 6th.
A number of hedge funds have recently made changes to their positions in LM. American Century Companies Inc. purchased a new position in shares of Legg Mason during the second quarter valued at approximately $23,440,000. Fiera Capital Corp purchased a new position in shares of Legg Mason during the first quarter valued at approximately $19,329,000. Clarkston Capital Partners LLC increased its stake in shares of Legg Mason by 12.5% during the second quarter. Clarkston Capital Partners LLC now owns 3,715,101 shares of the asset manager’s stock valued at $129,025,000 after buying an additional 412,813 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of Legg Mason during the first quarter valued at approximately $16,491,000. Finally, Algebris UK Ltd purchased a new position in shares of Legg Mason during the second quarter valued at approximately $13,942,000. Hedge funds and other institutional investors own 86.55% of the company’s stock.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, July 25th. The asset manager reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.03). The firm had revenue of $747.91 million during the quarter, compared to the consensus estimate of $748.72 million. Legg Mason had a return on equity of 8.12% and a net margin of 11.87%. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 EPS. equities analysts forecast that Legg Mason will post 3.46 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 23rd. Shareholders of record on Friday, October 5th will be given a $0.34 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.36 annualized dividend and a yield of 4.43%. Legg Mason’s payout ratio is currently 36.56%.
About Legg Mason
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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