Equities research analysts forecast that Legg Mason Inc (NYSE:LM) will post $0.85 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Legg Mason’s earnings. The lowest EPS estimate is $0.79 and the highest is $1.01. Legg Mason posted earnings of $0.79 per share in the same quarter last year, which indicates a positive year over year growth rate of 7.6%. The firm is scheduled to report its next quarterly earnings report on Wednesday, October 24th.
On average, analysts expect that Legg Mason will report full-year earnings of $3.49 per share for the current financial year, with EPS estimates ranging from $3.20 to $3.85. For the next year, analysts anticipate that the company will report earnings of $3.71 per share, with EPS estimates ranging from $3.20 to $4.40. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that cover Legg Mason.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 25th. The asset manager reported $0.75 EPS for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.03). The firm had revenue of $747.91 million during the quarter, compared to analysts’ expectations of $748.72 million. Legg Mason had a net margin of 11.87% and a return on equity of 8.12%. Legg Mason’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS.
A number of brokerages recently commented on LM. Credit Suisse Group upped their target price on Legg Mason from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, April 26th. Royal Bank of Canada reiterated a “buy” rating and issued a $40.00 target price on shares of Legg Mason in a research report on Thursday, July 26th. ValuEngine lowered Legg Mason from a “sell” rating to a “strong sell” rating in a research report on Monday, July 2nd. Barclays dropped their target price on Legg Mason from $44.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, April 23rd. Finally, TheStreet lowered Legg Mason from a “b” rating to a “c+” rating in a research report on Thursday, June 7th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. Legg Mason presently has an average rating of “Hold” and an average target price of $44.36.
NYSE LM traded up $0.18 during trading hours on Thursday, reaching $31.92. The stock had a trading volume of 770,200 shares, compared to its average volume of 929,603. The firm has a market cap of $2.69 billion, a P/E ratio of 8.59, a P/E/G ratio of 0.53 and a beta of 1.92. Legg Mason has a 52-week low of $31.20 and a 52-week high of $47.13. The company has a quick ratio of 1.64, a current ratio of 2.41 and a debt-to-equity ratio of 0.58.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 23rd. Shareholders of record on Friday, October 5th will be given a $0.34 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.36 annualized dividend and a yield of 4.26%. Legg Mason’s dividend payout ratio is presently 36.56%.
A number of institutional investors have recently added to or reduced their stakes in LM. Prudential Financial Inc. boosted its position in Legg Mason by 1,113.7% in the 1st quarter. Prudential Financial Inc. now owns 809,424 shares of the asset manager’s stock worth $32,904,000 after purchasing an additional 742,731 shares in the last quarter. American Century Companies Inc. purchased a new stake in Legg Mason in the 2nd quarter worth approximately $23,440,000. Fiera Capital Corp purchased a new stake in Legg Mason in the 1st quarter worth approximately $19,329,000. Mackay Shields LLC purchased a new stake in Legg Mason in the 1st quarter worth approximately $17,757,000. Finally, Clarkston Capital Partners LLC boosted its position in Legg Mason by 12.5% in the 2nd quarter. Clarkston Capital Partners LLC now owns 3,715,101 shares of the asset manager’s stock worth $129,025,000 after purchasing an additional 412,813 shares in the last quarter. Institutional investors and hedge funds own 87.40% 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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