Legg Mason Inc (LM) Expected to Post Quarterly Sales of $704.10 Million

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Wall Street analysts expect Legg Mason Inc (NYSE:LM) to post sales of $704.10 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Legg Mason’s earnings. The highest sales estimate is $704.20 million and the lowest is $704.00 million. Legg Mason reported sales of $747.91 million in the same quarter last year, which would suggest a negative year over year growth rate of 5.9%. The company is scheduled to report its next earnings results on Wednesday, July 24th.

On average, analysts expect that Legg Mason will report full-year sales of $2.88 billion for the current year, with estimates ranging from $2.87 billion to $2.88 billion. For the next financial year, analysts anticipate that the firm will report sales of $2.95 billion, with estimates ranging from $2.86 billion to $3.01 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Legg Mason.

Legg Mason (NYSE:LM) last issued its earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.16. The firm had revenue of $692.60 million for the quarter, compared to analyst estimates of $699.24 million. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 0.98%. The business’s revenue was down 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share.

Several analysts have issued reports on the company. Zacks Investment Research lowered Legg Mason from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. ValuEngine upgraded Legg Mason from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Wells Fargo & Co restated a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Morgan Stanley set a $27.00 target price on Legg Mason and gave the company a “sell” rating in a research note on Thursday, May 16th. Finally, Royal Bank of Canada boosted their target price on Legg Mason to $39.00 and gave the company an “in-line” rating in a research note on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $33.22.

In other news, CAO Ursula Schliessler sold 3,608 shares of Legg Mason stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.03, for a total value of $129,996.24. Following the completion of the transaction, the chief accounting officer now directly owns 27,495 shares in the company, valued at $990,644.85. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Peter Nachtwey sold 9,193 shares of Legg Mason stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.13, for a total value of $332,143.09. Following the completion of the transaction, the chief financial officer now owns 167,691 shares of the company’s stock, valued at $6,058,675.83. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,378 shares of company stock valued at $2,292,180. 4.33% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Architects Inc purchased a new position in Legg Mason during the fourth quarter worth about $26,000. Oregon Public Employees Retirement Fund grew its position in Legg Mason by 2,451.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 872,212 shares of the asset manager’s stock worth $34,000 after buying an additional 838,021 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in Legg Mason during the fourth quarter worth about $104,000. Ladenburg Thalmann Financial Services Inc. grew its position in Legg Mason by 30.2% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,102 shares of the asset manager’s stock worth $112,000 after buying an additional 951 shares in the last quarter. Finally, NumerixS Investment Technologies Inc purchased a new position in Legg Mason during the first quarter worth about $132,000. Institutional investors own 83.26% of the company’s stock.

Shares of LM traded up $0.31 during mid-day trading on Tuesday, hitting $37.21. The stock had a trading volume of 652,633 shares, compared to its average volume of 1,094,442. The firm has a market cap of $3.18 billion, a PE ratio of 12.24, a PEG ratio of 0.69 and a beta of 1.73. 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 52 week low of $23.25 and a 52 week high of $38.87.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Tuesday, July 2nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, July 1st. This is a boost from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 4.30%. Legg Mason’s payout ratio 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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Earnings History and Estimates for Legg Mason (NYSE:LM)

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