Legg Mason Inc. (NYSE:LM) – Equities researchers at Jefferies Group reduced their Q2 2017 earnings estimates for Legg Mason in a research report issued on Tuesday. Jefferies Group analyst D. Fannon now expects that the brokerage will post earnings of $0.58 per share for the quarter, down from their prior estimate of $0.62. Jefferies Group has a “Buy” rating and a $33.00 price objective on the stock. Jefferies Group also issued estimates for Legg Mason’s Q1 2018 earnings at $0.69 EPS, Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.82 EPS, Q4 2018 earnings at $0.80 EPS and FY2018 earnings at $3.07 EPS.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.06. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The firm had revenue of $700.20 million for the quarter, compared to the consensus estimate of $681.99 million. During the same quarter in the prior year, the company posted $1.14 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis.
A number of other brokerages have also recently issued reports on LM. Morgan Stanley raised their target price on Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. Barclays PLC restated an “overweight” rating and set a $41.00 target price on shares of Legg Mason in a report on Sunday, July 31st. Wells Fargo & Co. restated a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. Zacks Investment Research upgraded Legg Mason from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 27th. Finally, Citigroup Inc. restated a “buy” rating and set a $45.00 target price on shares of Legg Mason in a report on Thursday, June 30th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Legg Mason presently has a consensus rating of “Buy” and a consensus price target of $37.67.
Legg Mason (NYSE:LM) traded down 2.08% during trading on Wednesday, reaching $32.02. The company had a trading volume of 1,398,877 shares. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41. The company has a 50 day moving average price of $33.90 and a 200 day moving average price of $32.93. The company’s market capitalization is $3.32 billion.
A number of large investors have recently made changes to their positions in LM. Aperio Group LLC raised its stake in shares of Legg Mason by 106.3% in the first quarter. Aperio Group LLC now owns 91,043 shares of the company’s stock worth $3,157,000 after buying an additional 46,914 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Legg Mason by 28.3% in the first quarter. Prudential Financial Inc. now owns 229,300 shares of the company’s stock worth $7,952,000 after buying an additional 50,600 shares in the last quarter. BlackRock Group LTD raised its stake in shares of Legg Mason by 2.8% in the first quarter. BlackRock Group LTD now owns 884,292 shares of the company’s stock worth $30,667,000 after buying an additional 24,217 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Legg Mason by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,881,436 shares of the company’s stock worth $99,928,000 after buying an additional 31,592 shares in the last quarter. Finally, BlackRock Japan Co. Ltd raised its stake in shares of Legg Mason by 9.9% in the first quarter. BlackRock Japan Co. Ltd now owns 127,767 shares of the company’s stock worth $4,431,000 after buying an additional 11,482 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors and hedge funds.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s dividend payout ratio is presently -103.53%.
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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