Published On: Fri, Sep 16th, 2016

Q3 2017 EPS Estimates for Legg Mason Inc. (LM) Reduced by Analyst

Legg Mason Inc. (NYSE:LM) – Equities research analysts at Gabelli dropped their Q3 2017 earnings per share estimates for shares of Legg Mason in a research note issued on Wednesday. Gabelli analyst M. Sykes now forecasts that the firm will post earnings of $0.66 per share for the quarter, down from their previous forecast of $0.68. Gabelli also issued estimates for Legg Mason’s Q4 2017 earnings at $0.69 EPS and FY2018 earnings at $3.14 EPS.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.06. The business had revenue of $700.20 million for the quarter, compared to analysts’ expectations of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 earnings per share.
Other research analysts also recently issued reports about the stock. Jefferies Group reissued a “buy” rating and issued a $36.00 price target (down from $39.00) on shares of Legg Mason in a report on Monday, July 11th. Zacks Investment Research raised shares of Legg Mason from a “strong sell” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Monday, July 11th. Citigroup Inc. lifted their price objective on shares of Legg Mason from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a report on Monday, July 18th. Finally, Morgan Stanley lifted their price objective on shares of Legg Mason from $37.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $37.20.

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Shares of Legg Mason (NYSE:LM) traded down 1.79% during mid-day trading on Friday, reaching $33.54. 577,936 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $34.13 and a 200-day moving average price of $32.82. Legg Mason has a one year low of $24.93 and a one year high of $46.41. The stock’s market cap is $3.48 billion.
Several institutional investors have recently made changes to their positions in LM. Howard Hughes Medical Institute boosted its position in shares of Legg Mason by 2.0% in the first quarter. Howard Hughes Medical Institute now owns 3,379 shares of the company’s stock valued at $117,000 after buying an additional 67 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Legg Mason by 36.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,673 shares of the company’s stock valued at $127,000 after buying an additional 972 shares in the last quarter. Seven Eight Capital LLC bought a new position in shares of Legg Mason during the first quarter valued at about $180,000. Parametrica Management Ltd bought a new position in shares of Legg Mason during the first quarter valued at about $213,000. Finally, Neuberger Berman Group LLC bought a new position in shares of Legg Mason during the second quarter valued at about $220,000. Institutional investors own 78.65% of the company’s stock.
In other Legg Mason news, major shareholder Tian Qiao Chen sold 16,000 shares of the business’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $32.11, for a total value of $513,760.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.94% of the stock is currently owned by company insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Shareholders of record on Thursday, October 6th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s payout ratio is -103.53%.
About Legg Mason
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.

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