Legg Mason (LM) Upgraded by ValuEngine to Sell

ValuEngine upgraded shares of Legg Mason (NYSE:LM) from a strong sell rating to a sell rating in a report issued on Wednesday morning.

LM has been the topic of a number of other reports. Royal Bank of Canada reiterated a buy rating and issued a $37.00 target price on shares of Legg Mason in a report on Thursday, October 25th. Morgan Stanley boosted their target price on shares of Legg Mason from $31.00 to $32.00 and gave the stock a sell rating in a report on Tuesday, October 9th. Deutsche Bank dropped their target price on shares of Legg Mason from $33.00 to $31.00 and set a buy rating on the stock in a report on Friday, November 16th. Wells Fargo & Co dropped their target price on shares of Legg Mason from $39.00 to $34.00 and set an outperform rating on the stock in a report on Thursday, October 25th. Finally, Bank of America upgraded shares of Legg Mason from an underperform rating to a neutral rating and dropped their target price for the stock from $30.00 to $29.00 in a report on Friday, January 11th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Legg Mason presently has a consensus rating of Hold and a consensus target price of $37.68.

Shares of NYSE:LM traded up $0.13 during trading on Wednesday, reaching $28.52. The company had a trading volume of 38,047 shares, compared to its average volume of 913,684. The company has a current ratio of 1.77, a quick ratio of 1.27 and a debt-to-equity ratio of 0.50. Legg Mason has a twelve month low of $23.25 and a twelve month high of $47.13. The firm has a market cap of $2.37 billion, a P/E ratio of 7.59, a P/E/G ratio of 0.62 and a beta of 1.60.

Legg Mason (NYSE:LM) last released its earnings results on Wednesday, October 24th. The asset manager reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). Legg Mason had a return on equity of 8.03% and a net margin of 11.81%. The business had revenue of $758.43 million during the quarter, compared to the consensus estimate of $755.29 million. Equities research analysts forecast that Legg Mason will post 2.95 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 14th. Stockholders of record on Wednesday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, December 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.77%. Legg Mason’s dividend payout ratio is currently 36.56%.

Several hedge funds have recently added to or reduced their stakes in LM. Cornerstone Advisors Inc. raised its holdings in shares of Legg Mason by 113.0% during the third quarter. Cornerstone Advisors Inc. now owns 1,127 shares of the asset manager’s stock valued at $35,000 after acquiring an additional 598 shares during the period. Cerebellum GP LLC acquired a new stake in shares of Legg Mason during the fourth quarter valued at approximately $46,000. Quantbot Technologies LP acquired a new stake in shares of Legg Mason during the third quarter valued at approximately $131,000. Sageworth Trust Co grew its position in Legg Mason by 608.3% during the third quarter. Sageworth Trust Co now owns 4,250 shares of the asset manager’s stock valued at $133,000 after purchasing an additional 3,650 shares in the last quarter. Finally, Westbourne Investment Advisors Inc. purchased a new position in Legg Mason during the third quarter valued at approximately $137,000. Institutional investors and hedge funds own 83.92% 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.

See Also: Asset Allocation, Balancing Your Investments

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Legg Mason (NYSE:LM)

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