Legg Mason Inc (NYSE:LM) Receives $33.13 Average Target Price from Analysts

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Legg Mason Inc (NYSE:LM) has earned an average recommendation of “Hold” from the eleven research firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $33.13.

Several brokerages recently issued reports on LM. Royal Bank of Canada cut their price target on Advance Auto Parts to $178.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th. Zacks Investment Research downgraded shares of GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Morgan Stanley set a $100.00 price objective on shares of Cimarex Energy and gave the company a “buy” rating in a research report on Thursday, May 16th. Gabelli restated a “buy” rating on shares of Legg Mason in a research report on Wednesday, April 10th. Finally, Wells Fargo & Co restated a “buy” rating on shares of Flexion Therapeutics in a research report on Wednesday, April 10th.

Legg Mason stock traded up $0.56 during midday trading on Friday, reaching $38.26. 12,722 shares of the company’s stock were exchanged, compared to its average volume of 657,696. Legg Mason has a 52 week low of $23.25 and a 52 week high of $38.86. The company has a current ratio of 1.82, a quick ratio of 1.36 and a debt-to-equity ratio of 0.53. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 0.64 and a beta of 1.50. The firm has a 50-day moving average price of $37.20.

Legg Mason (NYSE:LM) last issued its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.16. Legg Mason had a positive return on equity of 7.30% and a negative net margin of 0.98%. The company had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $699.24 million. During the same quarter in the previous year, the company posted $0.86 earnings per share. The business’s revenue was down 11.8% on a year-over-year basis. On average, sell-side analysts expect that Legg Mason will post 3.45 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Tuesday, July 2nd will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, July 1st. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 4.18%. Legg Mason’s dividend payout ratio is 52.63%.

In related news, insider Joseph A. Sullivan sold 26,470 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.18, for a total value of $957,684.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Peter Nachtwey sold 9,193 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.13, for a total value of $332,143.09. Following the completion of the sale, the chief financial officer now owns 167,691 shares of the company’s stock, valued at $6,058,675.83. The disclosure for this sale can be found here. Insiders have sold 63,378 shares of company stock valued at $2,292,180 over the last quarter. Company insiders own 8.08% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Clarkston Capital Partners LLC boosted its position in Legg Mason by 3.5% during the first quarter. Clarkston Capital Partners LLC now owns 4,824,985 shares of the asset manager’s stock valued at $132,060,000 after acquiring an additional 164,850 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Legg Mason by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,075,993 shares of the asset manager’s stock valued at $103,979,000 after acquiring an additional 18,559 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Legg Mason by 1.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,588,957 shares of the asset manager’s stock valued at $40,534,000 after acquiring an additional 18,026 shares during the last quarter. Macquarie Group Ltd. boosted its position in Legg Mason by 2.1% during the fourth quarter. Macquarie Group Ltd. now owns 1,296,646 shares of the asset manager’s stock valued at $33,077,000 after acquiring an additional 26,600 shares during the last quarter. Finally, FMR LLC boosted its position in Legg Mason by 5.6% during the fourth quarter. FMR LLC now owns 1,295,605 shares of the asset manager’s stock valued at $33,051,000 after acquiring an additional 68,895 shares during the last quarter. Institutional investors and hedge funds own 84.40% of the company’s stock.

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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