Barclays reissued their hold rating on shares of Legg Mason (NYSE:LM) in a research note released on Wednesday, AnalystRatings.com reports. The firm currently has a $38.00 price objective on the asset manager’s stock.
A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Legg Mason from a buy rating to a hold rating and set a $38.00 price target on the stock. in a research note on Monday, August 19th. Evercore ISI restated a hold rating and issued a $36.00 price target on shares of Legg Mason in a research note on Tuesday, August 13th. Credit Suisse Group increased their price target on Legg Mason from $39.00 to $42.00 and gave the company a neutral rating in a research note on Tuesday, August 6th. ValuEngine cut Legg Mason from a sell rating to a strong sell rating in a research report on Monday, October 7th. Finally, Wells Fargo & Co cut Legg Mason from an outperform rating to a market perform rating and set a $43.00 price objective on the stock. in a research report on Friday, September 13th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $34.82.
LM traded up $0.58 during trading hours on Wednesday, reaching $34.96. The company’s stock had a trading volume of 590,795 shares, compared to its average volume of 638,623. Legg Mason has a 52 week low of $23.25 and a 52 week high of $40.27. The company’s 50-day moving average is $37.46 and its 200-day moving average is $35.89. 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 market cap of $3.04 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 0.76 and a beta of 1.51.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $705.36 million for the quarter, compared to analysts’ expectations of $708.70 million. During the same quarter in the prior year, the business earned $0.75 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. Equities analysts anticipate that Legg Mason will post 3.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Thursday, October 10th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend is Wednesday, October 9th. Legg Mason’s payout ratio is 52.63%.
Hedge funds have recently bought and sold shares of the business. Cerebellum GP LLC boosted its stake in Legg Mason by 25.3% in the third quarter. Cerebellum GP LLC now owns 11,205 shares of the asset manager’s stock valued at $428,000 after buying an additional 2,265 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Legg Mason by 57.8% in the third quarter. State of Alaska Department of Revenue now owns 14,502 shares of the asset manager’s stock valued at $553,000 after buying an additional 5,309 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Legg Mason by 0.6% in the second quarter. Macquarie Group Ltd. now owns 1,318,349 shares of the asset manager’s stock valued at $50,466,000 after buying an additional 8,188 shares in the last quarter. American International Group Inc. boosted its stake in Legg Mason by 5.5% in the second quarter. American International Group Inc. now owns 294,873 shares of the asset manager’s stock valued at $11,288,000 after buying an additional 15,294 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in Legg Mason in the second quarter valued at about $5,693,000. Hedge funds and other institutional investors own 87.59% 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.
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