Published On: Sun, Sep 18th, 2016

Citigroup Inc. Boosts Legg Mason Inc. (LM) Price Target to $50.00

Legg Mason Inc. (NYSE:LM) had its price objective hoisted by investment analysts at Citigroup Inc. from $45.00 to $50.00 in a research report issued on Thursday. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s price objective suggests a potential upside of 48.46% from the company’s previous close.
Other research analysts also recently issued reports about the stock. Barclays PLC reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 6th. Royal Bank Of Canada cut their price objective on shares of Legg Mason from $41.00 to $35.00 and set a “sector perform” rating for the company in a report on Monday, May 2nd. Zacks Investment Research downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Morgan Stanley reissued a “hold” rating and issued a $37.00 price target on shares of Legg Mason in a report on Monday, May 2nd. Finally, 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. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $37.20.
Shares of Legg Mason (NYSE:LM) traded down 1.38% during mid-day trading on Thursday, hitting $33.68. 3,602,034 shares of the company traded hands. Legg Mason has a 1-year low of $24.93 and a 1-year high of $46.41. The stock’s market capitalization is $3.49 billion. The firm’s 50 day moving average price is $34.09 and its 200-day moving average price is $32.81.

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Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The company earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. Legg Mason’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm earned $1.14 EPS. On average, equities research analysts forecast that Legg Mason will post $2.31 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Investors 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 yield of 2.61%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s payout ratio is presently -103.53%.
In related news, major shareholder Tian Qiao Chen sold 16,000 shares of Legg Mason stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of $32.11, for a total value of $513,760.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.94% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the company. Sit Investment Associates Inc. purchased a new position in Legg Mason during the first quarter worth about $51,095,000. Norges Bank purchased a new position in Legg Mason during the fourth quarter worth about $37,380,000. Junto Capital Management LP purchased a new position in Legg Mason during the first quarter worth about $28,672,000. Darrell & King LLC purchased a new position in Legg Mason during the fourth quarter worth about $22,743,000. Finally, FMR LLC boosted its position in Legg Mason by 27.3% in the second quarter. FMR LLC now owns 2,318,350 shares of the company’s stock worth $68,368,000 after buying an additional 497,323 shares during the last quarter. Institutional investors own 78.65% of the company’s stock.
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.

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