Legg Mason (NYSE:LM) Given “Hold” Rating at Evercore ISI

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Evercore ISI restated their hold rating on shares of Legg Mason (NYSE:LM) in a research note published on Tuesday morning, AnalystRatings.com reports. Evercore ISI currently has a $36.00 price target on the asset manager’s stock.

Other equities analysts have also issued research reports about the company. ValuEngine lowered Legg Mason from a hold rating to a sell rating in a report on Thursday, August 1st. Morgan Stanley set a $27.00 price target on Legg Mason and gave the stock a sell rating in a report on Thursday, May 16th. Royal Bank of Canada raised their price target on Legg Mason to $39.00 and gave the stock an in-line rating in a report on Tuesday, May 14th. Zacks Investment Research raised Legg Mason from a hold rating to a buy rating and set a $40.00 price target on the stock in a report on Monday, May 20th. Finally, Credit Suisse Group raised their price target on Legg Mason from $39.00 to $42.00 and gave the stock a neutral rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Legg Mason currently has an average rating of Hold and an average target price of $34.27.

Shares of LM stock opened at $37.24 on Tuesday. The business’s 50-day moving average price is $37.97. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 0.72 and a beta of 1.49. Legg Mason has a 1 year low of $23.25 and a 1 year high of $38.94. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 2.01.

Legg Mason (NYSE:LM) last issued its quarterly earnings data on Thursday, August 1st. The asset manager reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The company had revenue of $705.36 million for the quarter, compared to analyst estimates of $708.70 million. During the same quarter last year, the company posted $0.75 earnings per share. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, research analysts forecast that Legg Mason will post 3.64 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Thursday, October 10th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Wednesday, October 9th. Legg Mason’s dividend payout ratio is currently 52.63%.

In other news, VP Thomas C. Merchant sold 5,582 shares of Legg Mason stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.11, for a total transaction of $201,566.02. Following the completion of the sale, the vice president now directly owns 78,586 shares in the company, valued at approximately $2,837,740.46. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ursula Schliessler sold 3,608 shares of Legg Mason stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.03, for a total transaction of $129,996.24. Following the sale, the chief accounting officer now owns 27,495 shares of the company’s stock, valued at $990,644.85. The disclosure for this sale can be found here. Insiders sold a total of 63,378 shares of company stock worth $2,292,180 in the last ninety days. 8.08% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of LM. Trust Co. of Vermont acquired a new position in shares of Legg Mason during the 2nd quarter worth approximately $31,000. Hillsdale Investment Management Inc. purchased a new stake in Legg Mason in the 2nd quarter worth approximately $42,000. TD Capital Management LLC purchased a new stake in Legg Mason in the 2nd quarter worth approximately $59,000. C M Bidwell & Associates Ltd. purchased a new stake in Legg Mason in the 2nd quarter worth approximately $62,000. Finally, Machina Capital S.A.S. grew its stake in Legg Mason by 19.0% in the 2nd quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock worth $100,000 after acquiring an additional 424 shares during the period. Institutional investors own 82.44% of the company’s stock.

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.

Further Reading: Capital gains and your 401(k) or IRA

Analyst Recommendations for Legg Mason (NYSE:LM)

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