Equities research analysts forecast that Legg Mason Inc (NYSE:LM) will announce sales of $734.22 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Legg Mason’s earnings. The lowest sales estimate is $732.44 million and the highest is $736.00 million. Legg Mason posted sales of $758.43 million during the same quarter last year, which suggests a negative year over year growth rate of 3.2%. The firm is expected to announce its next quarterly earnings results on Wednesday, October 23rd.
On average, analysts expect that Legg Mason will report full-year sales of $2.91 billion for the current financial year, with estimates ranging from $2.89 billion to $2.93 billion. For the next financial year, analysts expect that the business will post sales of $2.98 billion, with estimates ranging from $2.90 billion to $3.01 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Legg Mason.
Legg Mason (NYSE:LM) last announced its earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The company had revenue of $705.36 million for the quarter, compared to analyst estimates of $708.70 million. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share.
Shares of NYSE LM opened at $39.50 on Thursday. The firm has a market cap of $3.45 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 0.76 and a beta of 1.49. The company has a current ratio of 2.01, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. Legg Mason has a 1-year low of $23.25 and a 1-year high of $40.27. The business’s 50 day moving average is $37.40 and its 200-day moving average is $34.62.
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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Wednesday, October 9th. Legg Mason’s dividend payout ratio is currently 52.63%.
Large investors have recently modified their holdings of the stock. NJ State Employees Deferred Compensation Plan grew its position in Legg Mason by 77.8% during the second quarter. NJ State Employees Deferred Compensation Plan now owns 16,000 shares of the asset manager’s stock worth $613,000 after buying an additional 7,000 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Legg Mason during the first quarter worth approximately $1,260,000. Nordea Investment Management AB grew its position in Legg Mason by 0.8% during the first quarter. Nordea Investment Management AB now owns 205,659 shares of the asset manager’s stock worth $5,628,000 after buying an additional 1,592 shares in the last quarter. Shufro Rose & Co. LLC acquired a new stake in Legg Mason during the second quarter worth approximately $230,000. Finally, Fiera Capital Corp grew its position in Legg Mason by 0.6% during the first quarter. Fiera Capital Corp now owns 1,052,995 shares of the asset manager’s stock worth $28,820,000 after buying an additional 5,872 shares in the last quarter. 87.83% of the stock is currently owned by institutional investors and hedge funds.
About Legg Mason
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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