Legg Mason Inc (NYSE:LM) has earned an average recommendation of “Hold” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $39.80.
LM has been the subject of a number of analyst reports. Zacks Investment Research cut Legg Mason from a “hold” rating to a “sell” rating in a report on Monday, March 20th. Jefferies Group LLC restated a “buy” rating and issued a $41.00 price target on shares of Legg Mason in a report on Monday, March 27th. Evercore ISI cut Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price target for the company. in a report on Friday, March 3rd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $43.00 price target on shares of Legg Mason in a report on Tuesday, May 30th. Finally, ValuEngine cut Legg Mason from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd.
In other Legg Mason news, insider Terence Johnson sold 13,325 shares of the stock in a transaction on Friday, March 24th. The stock was sold at an average price of $34.88, for a total value of $464,776.00. Following the sale, the insider now directly owns 122,517 shares of the company’s stock, valued at $4,273,392.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Ursula Schliessler sold 1,745 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $37.39, for a total value of $65,245.55. Following the completion of the sale, the chief accounting officer now directly owns 14,445 shares in the company, valued at $540,098.55. The disclosure for this sale can be found here. Insiders have sold 23,847 shares of company stock worth $856,877 over the last 90 days. 1.94% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of LM. Pax World Management LLC raised its stake in shares of Legg Mason by 16.6% in the third quarter. Pax World Management LLC now owns 545,347 shares of the asset manager’s stock valued at $18,258,000 after buying an additional 77,514 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Legg Mason during the third quarter worth approximately $362,000. Canada Pension Plan Investment Board raised its position in shares of Legg Mason by 188.6% in the third quarter. Canada Pension Plan Investment Board now owns 5,800 shares of the asset manager’s stock worth $194,000 after buying an additional 3,790 shares during the period. Rhumbline Advisers raised its position in shares of Legg Mason by 2.8% in the third quarter. Rhumbline Advisers now owns 168,425 shares of the asset manager’s stock worth $5,639,000 after buying an additional 4,589 shares during the period. Finally, BlackRock Inc. raised its position in shares of Legg Mason by 17.1% in the third quarter. BlackRock Inc. now owns 157,528 shares of the asset manager’s stock worth $5,274,000 after buying an additional 23,050 shares during the period. 78.75% of the stock is currently owned by hedge funds and other institutional investors. Shares of Legg Mason (LM) opened at 38.02 on Tuesday. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 17.44 and a beta of 1.93. Legg Mason has a 12-month low of $27.54 and a 12-month high of $38.99. The stock has a 50 day moving average of $37.52 and a 200 day moving average of $34.82.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.29. The firm had revenue of $723.13 million during the quarter, compared to the consensus estimate of $701.50 million. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The company’s revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS. Analysts forecast that Legg Mason will post $2.26 earnings per share for the current year. The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Tuesday, June 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, June 9th. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 annualized dividend and a yield of 2.95%. Legg Mason’s dividend payout ratio (DPR) is 87.13%.