Legg Mason Inc. (NYSE:LM) – Analysts at Gabelli upped their FY2019 earnings per share estimates for Legg Mason in a report released on Thursday. Gabelli analyst M. Sykes now anticipates that the firm will post earnings of $4.00 per share for the year, up from their prior estimate of $3.95.
A number of other research firms have also weighed in on LM. Morgan Stanley raised their price objective on shares of Legg Mason from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Barclays PLC reaffirmed an “overweight” rating and issued a $41.00 price objective on shares of Legg Mason in a research note on Sunday, July 31st. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Zacks Investment Research raised shares of Legg Mason from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 27th. Finally, Jefferies Group lowered their target price on shares of Legg Mason from $38.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, October 11th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $42.11.
Shares of Legg Mason (NYSE:LM) opened at 31.95 on Friday. The company’s 50 day moving average is $33.76 and its 200 day moving average is $32.91. Legg Mason has a one year low of $24.93 and a one year high of $46.41. The company’s market cap is $3.31 billion.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.25 by $0.06. The business earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. Legg Mason’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS.
Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc increased its position in Legg Mason by 1.6% in the first quarter. Legal & General Group Plc now owns 474,810 shares of the company’s stock valued at $16,466,000 after buying an additional 7,259 shares during the last quarter. Bogle Investment Management L P DE increased its position in Legg Mason by 26.8% in the first quarter. Bogle Investment Management L P DE now owns 43,086 shares of the company’s stock valued at $1,494,000 after buying an additional 9,116 shares during the last quarter. Wellington Management Group LLP increased its position in Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock valued at $26,559,000 after buying an additional 421,217 shares during the last quarter. Ironwood Investment Counsel LLC acquired a new position in Legg Mason during the first quarter valued at $227,000. Finally, Geode Capital Management LLC increased its position in Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock valued at $35,467,000 after buying an additional 150,734 shares during the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Thursday, October 6th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 annualized dividend and a dividend yield of 2.75%. Legg Mason’s payout ratio is -103.53%.
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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