Jefferies Group Brokers Raise Earnings Estimates for Legg Mason, Inc. (LM)

Legg Mason, Inc. (NYSE:LM) – Analysts at Jefferies Group lifted their Q2 2018 earnings estimates for shares of Legg Mason in a research note issued on Wednesday. Jefferies Group analyst D. Fannon now forecasts that the asset manager will post earnings per share of $0.69 for the quarter, up from their prior forecast of $0.68. Jefferies Group currently has a “Buy” rating and a $43.00 target price on the stock. Jefferies Group also issued estimates for Legg Mason’s Q3 2018 earnings at $0.73 EPS, FY2018 earnings at $2.62 EPS and FY2019 earnings at $3.07 EPS.

Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. The company had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. During the same period in the previous year, the company earned $0.68 earnings per share. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. ILLEGAL ACTIVITY WARNING: This story was published by Community Financial News and is the property of of Community Financial News. If you are accessing this story on another site, it was copied illegally and republished in violation of international trademark and copyright law. The original version of this story can be viewed at https://www.com-unik.info/2017/08/19/jefferies-group-brokers-raise-earnings-estimates-for-legg-mason-inc-lm-updated-updated.html.

Several other brokerages also recently commented on LM. BidaskClub upgraded Legg Mason from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 21st. Credit Suisse Group reiterated a “buy” rating and set a $41.00 target price on shares of Legg Mason in a research note on Friday, June 16th. Royal Bank Of Canada reiterated a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research note on Friday. Citigroup Inc. downgraded Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research downgraded Legg Mason from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $41.00.

Shares of Legg Mason (NYSE LM) traded down 0.97% on Monday, hitting $39.62. The stock had a trading volume of 436,896 shares. The stock’s 50-day moving average price is $39.57 and its 200 day moving average price is $37.05. The company has a market cap of $3.80 billion, a PE ratio of 16.47 and a beta of 2.19. Legg Mason has a 52 week low of $28.10 and a 52 week high of $42.08.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 annualized dividend and a yield of 2.80%. Legg Mason’s payout ratio is currently 46.47%.

In related news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the sale, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 12.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Bartlett & Co. LLC boosted its position in shares of Legg Mason by 2.3% in the first quarter. Bartlett & Co. LLC now owns 22,151 shares of the asset manager’s stock valued at $800,000 after buying an additional 500 shares in the last quarter. Westbourne Investment Advisors Inc. boosted its position in shares of Legg Mason by 1.8% in the first quarter. Westbourne Investment Advisors Inc. now owns 12,508 shares of the asset manager’s stock valued at $452,000 after buying an additional 223 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Legg Mason by 1.2% in the first quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock valued at $5,781,000 after buying an additional 1,913 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Legg Mason by 16.4% in the first quarter. Nisa Investment Advisors LLC now owns 94,830 shares of the asset manager’s stock valued at $3,424,000 after buying an additional 13,385 shares in the last quarter. Finally, Graybill Bartz & Assoc Ltd. bought a new position in shares of Legg Mason during the first quarter valued at $2,813,000. 80.11% of the stock is owned by hedge funds and other institutional investors.

Legg Mason Company Profile

Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.

Earnings History and Estimates for Legg Mason (NYSE:LM)

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