Legg Mason Inc. (NYSE:LM) – Equities research analysts at Jefferies Group decreased their Q3 2017 earnings estimates for Legg Mason in a research note issued on Tuesday. Jefferies Group analyst D. Fannon now forecasts that the brokerage will earn $0.68 per share for the quarter, down from their previous forecast of $0.71. Jefferies Group currently has a “Buy” rating and a $33.00 target price on the stock. Jefferies Group also issued estimates for Legg Mason’s Q4 2017 earnings at $0.69 EPS and FY2017 earnings at $2.25 EPS.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. The firm earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS.
LM has been the subject of several other reports. Zacks Investment Research upgraded Legg Mason from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $4.00 price objective on shares of Legg Mason in a research note on Monday, September 12th. Citigroup Inc. increased their price objective on Legg Mason from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $41.00 price objective on shares of Legg Mason in a research note on Sunday, July 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Legg Mason has an average rating of “Buy” and an average price target of $42.11.
Shares of Legg Mason (NYSE:LM) traded down 0.22% during trading on Thursday, hitting $31.95. The stock had a trading volume of 1,566,609 shares. The firm’s 50-day moving average is $33.76 and its 200 day moving average is $32.91. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41. The firm’s market cap is $3.31 billion.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Stockholders 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 (DPR) is currently -103.53%.
Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in 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 during the period. Geode Capital Management LLC boosted its stake 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 worth $35,467,000 after buying an additional 150,734 shares during the period. Junto Capital Management LP purchased a new stake in Legg Mason during the first quarter worth approximately $28,672,000. Bogle Investment Management L P DE boosted its stake 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 worth $1,494,000 after buying an additional 9,116 shares during the period. Finally, Systematic Financial Management LP boosted its stake in 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 during the period. 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.
Receive News & Ratings for Legg Mason Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legg Mason Inc. and related companies with MarketBeat.com's FREE daily email newsletter.