Legg Mason Inc. (NYSE:LM) – Equities research analysts at Gabelli issued their Q2 2017 earnings per share estimates for Legg Mason in a research note issued on Thursday. Gabelli analyst M. Sykes forecasts that the firm will post earnings of $0.61 per share for the quarter. Gabelli also issued estimates for Legg Mason’s Q3 2017 earnings at $0.69 EPS, Q4 2017 earnings at $0.73 EPS, FY2017 earnings at $2.34 EPS, FY2018 earnings at $3.29 EPS and FY2020 earnings at $4.85 EPS.
A number of other equities analysts have also commented on the stock. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research report on Friday, October 7th. Citigroup Inc. restated a “buy” rating and issued a $45.00 price objective on shares of Legg Mason in a research report on Thursday, June 30th. Jefferies Group cut their price objective on shares of Legg Mason from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, October 11th. Barclays PLC restated an “overweight” rating and issued a $41.00 price objective on shares of Legg Mason in a research report on Sunday, July 31st. Finally, Morgan Stanley restated a “hold” rating on shares of Legg Mason in a research report on Friday, September 9th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $42.11.
Shares of Legg Mason (NYSE:LM) opened at 31.845 on Monday. The firm’s market capitalization is $3.30 billion. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41. The stock’s 50 day moving average is $33.62 and its 200 day moving average is $32.85.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The company earned $700.20 million during the quarter, compared to analysts’ expectations of $681.99 million. During the same period in the prior year, the company posted $1.14 earnings per share. Legg Mason’s revenue for the quarter was down 1.2% compared to the same quarter last year.
Several large investors have recently made changes to their positions in LM. 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 during the last quarter. BlackRock Group LTD increased its position 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 valued at $30,667,000 after buying an additional 24,217 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position 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 valued at $99,928,000 after buying an additional 31,592 shares during the last quarter. BlackRock Japan Co. Ltd increased its position 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 valued at $4,431,000 after buying an additional 11,482 shares during the last quarter. Finally, Credit Agricole S A increased its position in shares of Legg Mason by 294.5% in the first quarter. Credit Agricole S A now owns 78,135 shares of the company’s stock valued at $2,710,000 after buying an additional 58,331 shares during the last quarter. Hedge funds and other institutional investors own 78.70% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Thursday, October 6th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.78%. 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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