Shares of Legg Mason Inc (NYSE:LM) have received an average recommendation of “Hold” from the thirteen research firms that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $34.90.
A number of research analysts have weighed in on the stock. Royal Bank of Canada reaffirmed a “buy” rating and issued a $37.00 price target on shares of Legg Mason in a research note on Thursday, October 25th. Deutsche Bank cut their price target on shares of Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, November 16th. Morgan Stanley cut their price target on shares of Legg Mason from $32.00 to $25.00 and set a “sell” rating on the stock in a research note on Wednesday, November 14th. Wells Fargo & Co cut their price target on shares of Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Finally, Bank of America raised shares of Legg Mason from an “underperform” rating to a “neutral” rating and cut their price target for the company from $30.00 to $29.00 in a research note on Friday, January 11th.
Several hedge funds have recently made changes to their positions in LM. Oregon Public Employees Retirement Fund lifted its position in shares of Legg Mason by 2,451.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 872,212 shares of the asset manager’s stock worth $34,000 after purchasing an additional 838,021 shares in the last quarter. Clarkston Capital Partners LLC raised its position in Legg Mason by 20.1% during the third quarter. Clarkston Capital Partners LLC now owns 4,461,535 shares of the asset manager’s stock worth $139,334,000 after acquiring an additional 746,434 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Legg Mason by 132.6% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 958,426 shares of the asset manager’s stock worth $24,496,000 after acquiring an additional 546,332 shares in the last quarter. Greenwich Wealth Management LLC raised its position in Legg Mason by 615.9% during the fourth quarter. Greenwich Wealth Management LLC now owns 488,226 shares of the asset manager’s stock worth $12,455,000 after acquiring an additional 420,030 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Legg Mason during the third quarter worth $11,927,000. 84.28% of the stock is currently owned by institutional investors and hedge funds.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Monday, February 4th. The asset manager reported ($2.55) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($3.24). Legg Mason had a negative net margin of 0.06% and a positive return on equity of 7.44%. The company had revenue of $704.30 million during the quarter, compared to the consensus estimate of $718.90 million. During the same period in the previous year, the firm posted $1.58 EPS. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Legg Mason will post 2.83 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Tuesday, March 26th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Monday, March 25th. Legg Mason’s dividend payout ratio is presently 36.56%.
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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