Legg Mason Inc. (NYSE:LM) – Gabelli increased their FY2019 earnings per share estimates for shares of Legg Mason in a research report issued on Thursday. Gabelli analyst M. Sykes now forecasts that the brokerage will post earnings per share of $4.00 for the year, up from their previous estimate of $3.95.
Other equities research analysts have also recently issued reports about the stock. Citigroup Inc. increased their target price on shares of Legg Mason from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $4.00 target price on shares of Legg Mason in a research report on Monday, September 12th. Jefferies Group reiterated a “buy” rating and issued a $36.00 target price (down from $39.00) on shares of Legg Mason in a research report on Monday, July 11th. Morgan Stanley reiterated a “hold” rating on shares of Legg Mason in a research report on Friday, September 9th. Finally, Zacks Investment Research upgraded shares of Legg Mason from a “strong sell” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Monday, July 11th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $42.11.
Legg Mason (NYSE:LM) traded down 0.22% during midday trading on Friday, reaching $31.95. 1,566,609 shares of the company’s stock traded hands. The firm’s 50-day moving average is $33.83 and its 200-day moving average is $32.93. The company’s market capitalization is $3.31 billion. Legg Mason has a 1-year low of $24.93 and a 1-year high of $46.41.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.14 EPS.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be given a dividend of $0.22 per share. 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 is presently -103.53%.
Large investors have recently made changes to their positions in the stock. Integrated Investment Consultants LLC boosted its stake in shares of Legg Mason by 11.4% in the third quarter. Integrated Investment Consultants LLC now owns 3,175 shares of the company’s stock worth $102,000 after buying an additional 325 shares in the last quarter. Seven Eight Capital LLC bought a new stake in shares of Legg Mason during the first quarter worth $180,000. Neuberger Berman Group LLC bought a new stake in shares of Legg Mason during the second quarter worth $220,000. Ironwood Investment Counsel LLC bought a new stake in shares of Legg Mason during the first quarter worth $227,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Legg Mason during the third quarter worth $244,000. Institutional investors and hedge funds own 78.66% of the company’s stock.
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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