Legg Mason (LM) Hits New 12-Month Low at $29.22

Legg Mason Inc (NYSE:LM) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $29.22 and last traded at $29.40, with a volume of 36646 shares trading hands. The stock had previously closed at $29.67.

A number of equities research analysts recently issued reports on LM shares. Morgan Stanley dropped their target price on Legg Mason from $34.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, August 2nd. ValuEngine lowered Legg Mason from a “sell” rating to a “strong sell” rating in a research report on Monday, July 2nd. Jefferies Financial Group reissued a “hold” rating and issued a $39.00 target price on shares of Legg Mason in a research report on Thursday. Royal Bank of Canada reissued a “buy” rating and issued a $40.00 target price on shares of Legg Mason in a research report on Thursday, July 26th. Finally, Wells Fargo & Co decreased their price target on Legg Mason from $44.00 to $43.00 and set an “outperform” rating for the company in a research note on Friday, July 13th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Legg Mason has an average rating of “Hold” and an average target price of $43.60.

The company has a debt-to-equity ratio of 0.58, a current ratio of 2.41 and a quick ratio of 1.64. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 7.75, a P/E/G ratio of 0.54 and a beta of 1.88.

Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, July 25th. The asset manager reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.03). The company had revenue of $747.91 million during the quarter, compared to the consensus estimate of $748.72 million. Legg Mason had a net margin of 11.87% and a return on equity of 8.12%. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 earnings per share. As a group, equities analysts forecast that Legg Mason Inc will post 3.46 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 23rd. Shareholders of record on Friday, October 5th will be paid a $0.34 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.36 dividend on an annualized basis and a yield of 4.72%. Legg Mason’s dividend payout ratio is 36.56%.

In other Legg Mason news, insider Frances Cashman sold 10,058 shares of the firm’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $31.61, for a total value of $317,933.38. Following the completion of the transaction, the insider now directly owns 72,937 shares in the company, valued at $2,305,538.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.33% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of LM. Northern Trust Corp boosted its stake in shares of Legg Mason by 1.0% during the 1st quarter. Northern Trust Corp now owns 720,262 shares of the asset manager’s stock worth $29,278,000 after acquiring an additional 7,421 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Legg Mason by 258.2% during the 1st quarter. Russell Investments Group Ltd. now owns 211,961 shares of the asset manager’s stock worth $8,609,000 after acquiring an additional 152,780 shares during the period. Sei Investments Co. boosted its stake in shares of Legg Mason by 18.5% during the 1st quarter. Sei Investments Co. now owns 34,817 shares of the asset manager’s stock worth $1,415,000 after acquiring an additional 5,432 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Legg Mason by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 379,242 shares of the asset manager’s stock worth $15,417,000 after acquiring an additional 11,867 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in shares of Legg Mason by 50.2% during the 1st quarter. Allianz Asset Management GmbH now owns 271,684 shares of the asset manager’s stock worth $11,044,000 after acquiring an additional 90,752 shares during the period. Institutional investors own 86.55% of the company’s stock.

Legg Mason Company Profile (NYSE:LM)

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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