Shares of Legg Mason (NYSE:LM) have received an average recommendation of “Hold” from the thirteen brokerages that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $47.44.
LM has been the subject of several recent research reports. Citigroup reiterated a “neutral” rating and set a $50.00 target price (up previously from $49.00) on shares of Legg Mason in a research note on Thursday, January 25th. Bank of America boosted their target price on shares of Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a research note on Thursday, January 25th. Royal Bank of Canada boosted their target price on shares of Legg Mason to $57.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Morgan Stanley boosted their target price on shares of Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research note on Tuesday, January 30th. Finally, Deutsche Bank lowered their target price on shares of Legg Mason from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Tuesday, March 6th.
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LM traded up $0.43 during trading on Monday, hitting $39.48. The company had a trading volume of 531,200 shares, compared to its average volume of 904,466. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.98 and a quick ratio of 1.41. Legg Mason has a 1-year low of $36.24 and a 1-year high of $47.13. The stock has a market capitalization of $3.30 billion, a PE ratio of 10.68, a P/E/G ratio of 0.60 and a beta of 2.06.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, April 25th. The asset manager reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.15. Legg Mason had a net margin of 11.21% and a return on equity of 7.81%. The firm had revenue of $785.10 million during the quarter, compared to analyst estimates of $755.98 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. equities research analysts forecast that Legg Mason will post 3.62 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 9th. Stockholders of record on Tuesday, June 12th will be given a dividend of $0.34 per share. The ex-dividend date is Monday, June 11th. This represents a $1.36 annualized dividend and a dividend yield of 3.44%. This is a positive change from Legg Mason’s previous quarterly dividend of $0.28. Legg Mason’s dividend payout ratio is currently 30.11%.
In other news, insider Joseph A. Sullivan sold 31,336 shares of the company’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $38.81, for a total transaction of $1,216,150.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Thomas C. Merchant sold 2,537 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $38.80, for a total transaction of $98,435.60. Following the transaction, the vice president now owns 65,940 shares of the company’s stock, valued at approximately $2,558,472. The disclosure for this sale can be found here. Insiders have sold 34,771 shares of company stock valued at $1,349,563 in the last 90 days. Insiders own 12.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. grew its position in Legg Mason by 2.0% in the 4th quarter. Macquarie Group Ltd. now owns 1,052,376 shares of the asset manager’s stock valued at $44,179,000 after buying an additional 20,732 shares in the last quarter. Millennium Management LLC grew its position in Legg Mason by 269.3% in the 4th quarter. Millennium Management LLC now owns 1,655,666 shares of the asset manager’s stock valued at $69,505,000 after buying an additional 1,207,280 shares in the last quarter. Stephens Inc. AR bought a new position in Legg Mason in the 1st quarter valued at about $885,000. Swiss National Bank grew its position in Legg Mason by 3.7% in the 4th quarter. Swiss National Bank now owns 151,447 shares of the asset manager’s stock valued at $6,358,000 after buying an additional 5,400 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in Legg Mason in the 4th quarter valued at about $1,117,000. Institutional investors and hedge funds own 91.02% of the company’s stock.
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.