Legg Mason Inc. (NYSE:LM) had its target price trimmed by Jefferies Group from $38.00 to $33.00 in a research report report published on Tuesday morning. The firm currently has a buy rating on the stock.
Several other equities research analysts have also issued reports on LM. Citigroup Inc. reissued a buy rating and set a $45.00 price objective on shares of Legg Mason in a research note on Thursday, June 30th. Zacks Investment Research lowered Legg Mason from a hold rating to a strong sell rating in a research note on Monday, July 4th. Wells Fargo & Co. reissued a buy rating on shares of Legg Mason in a research note on Monday, July 18th. Morgan Stanley lifted their price objective on Legg Mason from $37.00 to $38.00 and gave the company an equal weight rating in a research note on Thursday, July 28th. Finally, Barclays PLC reaffirmed an overweight rating and set a $41.00 price target on shares of Legg Mason in a research note on Sunday, July 31st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $37.67.
Legg Mason (NYSE:LM) traded up 0.94% during mid-day trading on Tuesday, hitting $32.31. The stock had a trading volume of 1,815,140 shares. Legg Mason has a 12 month low of $24.93 and a 12 month high of $46.41. The firm’s 50-day moving average is $33.95 and its 200 day moving average is $32.93. The company’s market cap is $3.35 billion.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to analyst estimates of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned $1.14 earnings per share. Equities analysts anticipate that Legg Mason will post $2.31 EPS for the current fiscal year.
The business 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is presently -103.53%.
Several large investors have recently added to or reduced their stakes in LM. Wellington Management Group LLP increased its position in shares of Legg Mason by 122.2% in the first quarter. Wellington Management Group LLP now owns 765,818 shares of the company’s stock worth $26,559,000 after buying an additional 421,217 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Legg Mason by 17.3% in the first quarter. Geode Capital Management LLC now owns 1,024,433 shares of the company’s stock worth $35,467,000 after buying an additional 150,734 shares in the last quarter. Junto Capital Management LP acquired a new position in shares of Legg Mason during the first quarter worth about $28,672,000. Bogle Investment Management L P DE increased its position in shares of 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 worth $1,494,000 after buying an additional 9,116 shares in the last quarter. Finally, Systematic Financial Management LP increased its position in shares of Legg Mason by 24.3% in the second quarter. Systematic Financial Management LP now owns 302,497 shares of the company’s stock worth $8,920,000 after buying an additional 59,227 shares in the last quarter. 78.66% of the stock is owned by institutional investors.
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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