Legg Mason Inc (NYSE:LM) Receives Average Rating of “Hold” from Analysts

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Legg Mason Inc (NYSE:LM) has been assigned a consensus rating of “Hold” from the eleven research firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $33.13.

A number of analysts have recently issued reports on LM shares. Zacks Investment Research upgraded Legg Mason from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Wells Fargo & Co restated a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Gabelli restated a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. ValuEngine upgraded Legg Mason from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, Royal Bank of Canada increased their target price on Legg Mason to $39.00 and gave the company an “in-line” rating in a report on Tuesday, May 14th.

Shares of LM traded down $0.73 during trading hours on Tuesday, hitting $35.97. 751,432 shares of the company were exchanged, compared to its average volume of 1,045,742. The company has a market capitalization of $3.21 billion, a P/E ratio of 11.83, a PEG ratio of 0.69 and a beta of 1.51. The company has a quick ratio of 1.36, a current ratio of 1.82 and a debt-to-equity ratio of 0.53. The business’s fifty day moving average is $36.09. Legg Mason has a one year low of $23.25 and a one year high of $37.61.

Legg Mason (NYSE:LM) last released its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.16. The business had revenue of $692.60 million during the quarter, compared to analyst estimates of $699.24 million. Legg Mason had a positive return on equity of 7.30% and a negative net margin of 0.98%. The company’s revenue was down 11.8% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. Equities analysts anticipate that Legg Mason will post 3.28 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Tuesday, July 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.45%. This is a positive change from Legg Mason’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, July 1st. Legg Mason’s dividend payout ratio (DPR) is currently 44.74%.

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 transaction of $957,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ursula Schliessler sold 3,608 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.03, for a total value of $129,996.24. Following the sale, the chief accounting officer now owns 27,495 shares of the company’s stock, valued at $990,644.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,378 shares of company stock valued at $2,292,180. 4.33% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Retirement Systems of Alabama increased its position in Legg Mason by 0.4% during the first quarter. Retirement Systems of Alabama now owns 111,353 shares of the asset manager’s stock worth $3,048,000 after buying an additional 461 shares during the last quarter. GAM Holding AG grew its position in shares of Legg Mason by 1.1% in the fourth quarter. GAM Holding AG now owns 48,687 shares of the asset manager’s stock valued at $1,242,000 after purchasing an additional 532 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Legg Mason by 9.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock valued at $159,000 after purchasing an additional 559 shares during the last quarter. Roundview Capital LLC grew its position in shares of Legg Mason by 2.3% in the fourth quarter. Roundview Capital LLC now owns 27,165 shares of the asset manager’s stock valued at $693,000 after purchasing an additional 610 shares during the last quarter. Finally, Mason Street Advisors LLC grew its position in shares of Legg Mason by 1.5% in the first quarter. Mason Street Advisors LLC now owns 45,488 shares of the asset manager’s stock valued at $1,245,000 after purchasing an additional 688 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.

Further Reading: Investing in Growth Stocks

Analyst Recommendations for Legg Mason (NYSE:LM)

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