Wall Street brokerages predict that Legg Mason Inc (NYSE:LM) will report earnings per share (EPS) of $0.65 for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Legg Mason’s earnings, with the lowest EPS estimate coming in at $0.40 and the highest estimate coming in at $0.84. Legg Mason posted earnings of $0.80 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 18.8%. The company is scheduled to report its next earnings report on Wednesday, July 24th.
On average, analysts expect that Legg Mason will report full year earnings of $3.27 per share for the current fiscal year, with EPS estimates ranging from $2.66 to $3.90. For the next financial year, analysts anticipate that the business will post earnings of $3.77 per share, with EPS estimates ranging from $3.09 to $4.25. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Legg Mason.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.16. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 0.98%. The firm had revenue of $692.60 million during the quarter, compared to the consensus estimate of $699.24 million. During the same period last year, the company earned $0.86 earnings per share. The company’s revenue for the quarter was down 11.8% on a year-over-year basis.
In other Legg Mason news, insider Joseph A. Sullivan sold 26,470 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.18, for a total value of $957,684.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Terence Johnson sold 18,525 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.21, for a total value of $670,790.25. Following the completion of the transaction, the executive vice president now owns 124,300 shares of the company’s stock, valued at approximately $4,500,903. The disclosure for this sale can be found here. In the last three months, insiders sold 63,378 shares of company stock valued at $2,292,180. 4.33% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. Cerebellum GP LLC increased its position in shares of Legg Mason by 412.7% in the first quarter. Cerebellum GP LLC now owns 9,228 shares of the asset manager’s stock valued at $253,000 after buying an additional 7,428 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Legg Mason by 0.8% in the first quarter. Nordea Investment Management AB now owns 205,659 shares of the asset manager’s stock valued at $5,628,000 after buying an additional 1,592 shares in the last quarter. CWM Advisors LLC purchased a new position in shares of Legg Mason in the first quarter valued at $286,000. HighTower Advisors LLC increased its position in shares of Legg Mason by 89.3% in the first quarter. HighTower Advisors LLC now owns 124,499 shares of the asset manager’s stock valued at $3,411,000 after buying an additional 58,730 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in shares of Legg Mason by 28.9% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 194,479 shares of the asset manager’s stock valued at $5,323,000 after buying an additional 43,600 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.
Shares of NYSE LM opened at $36.89 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.77 and a quick ratio of 1.33. Legg Mason has a 1-year low of $23.25 and a 1-year high of $39.78. The firm has a market cap of $3.02 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.70 and a beta of 1.73.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.60 dividend on an annualized basis and a yield of 4.34%. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s dividend payout ratio (DPR) is 44.74%.
Legg Mason Company Profile
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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