Legg Mason (NYSE:LM) Stock Rating Lowered by Wells Fargo & Co

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Wells Fargo & Co downgraded shares of Legg Mason (NYSE:LM) from an outperform rating to a market perform rating in a report published on Friday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has $43.00 price objective on the asset manager’s stock.

LM has been the subject of several other research reports. Credit Suisse Group lifted their target price on shares of Legg Mason from $39.00 to $42.00 and gave the company a neutral rating in a report on Tuesday, August 6th. Evercore ISI reiterated a hold rating and issued a $36.00 target price on shares of Legg Mason in a report on Tuesday, August 13th. Zacks Investment Research downgraded shares of Legg Mason from a buy rating to a hold rating and set a $38.00 target price for the company. in a report on Monday, August 19th. Morgan Stanley set a $27.00 target price on shares of Legg Mason and gave the company a sell rating in a report on Thursday, May 16th. Finally, ValuEngine downgraded shares of Legg Mason from a hold rating to a sell rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $34.91.

Legg Mason stock opened at $39.50 on Friday. Legg Mason has a fifty-two week low of $23.25 and a fifty-two week high of $40.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 2.01. The firm has a 50 day moving average price of $37.40 and a 200 day moving average price of $34.62. The company has a market capitalization of $3.45 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.76 and a beta of 1.49.

Legg Mason (NYSE:LM) last posted its earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Legg Mason had a negative net margin of 1.72% and a positive return on equity of 7.24%. The firm had revenue of $705.36 million during the quarter, compared to the consensus estimate of $708.70 million. During the same quarter last year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities research analysts forecast that Legg Mason will post 3.63 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Thursday, October 10th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $1.60 annualized dividend and a yield of 4.05%. Legg Mason’s dividend payout ratio is presently 52.63%.

Hedge funds have recently modified their holdings of the business. Trust Co. of Vermont purchased a new position in Legg Mason in the 2nd quarter valued at approximately $31,000. Hillsdale Investment Management Inc. purchased a new position in Legg Mason in the 2nd quarter valued at approximately $42,000. TD Capital Management LLC purchased a new position in Legg Mason in the 2nd quarter valued at approximately $59,000. C M Bidwell & Associates Ltd. purchased a new position in Legg Mason in the 2nd quarter valued at approximately $62,000. Finally, Machina Capital S.A.S. boosted its position 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 valued at $100,000 after buying an additional 424 shares during the period. 87.44% of the stock is owned by institutional investors.

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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Analyst Recommendations for Legg Mason (NYSE:LM)

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