Published On: Sun, Sep 18th, 2016

Legg Mason Inc. (LM) Price Target Increased to $38.00 by Analysts at Morgan Stanley

Legg Mason Inc. (NYSE:LM) had its target price lifted by analysts at Morgan Stanley from $37.00 to $38.00 in a research report issued to clients and investors on Thursday. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 12.83% from the stock’s current price.
A number of other analysts also recently issued reports on the company. Citigroup Inc. lifted their target price on Legg Mason from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a research report on Monday, July 18th. Zacks Investment Research downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Jefferies Group reaffirmed a “buy” rating and issued a $36.00 target price (down previously from $39.00) on shares of Legg Mason in a research report on Monday, July 11th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $51.00 target price on shares of Legg Mason in a research report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Legg Mason presently has an average rating of “Buy” and a consensus price target of $37.20.
Legg Mason (NYSE:LM) traded down 1.38% during trading on Thursday, reaching $33.68. The company’s stock had a trading volume of 3,602,034 shares. The stock’s market cap is $3.49 billion. Legg Mason has a 52-week low of $24.93 and a 52-week high of $46.41. The firm’s 50-day moving average is $34.09 and its 200-day moving average is $32.81.

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Legg Mason (NYSE:LM) last released its earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The business had revenue of $700.20 million for the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a positive return on equity of 7.06% and a negative net margin of 3.25%. Legg Mason’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 earnings per share. Equities research analysts forecast that Legg Mason will post $2.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Thursday, October 6th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Tuesday, October 4th. Legg Mason’s dividend payout ratio is presently -103.53%.
In related news, major shareholder Tian Qiao Chen sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 22nd. The stock was 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.94% of the company’s stock.
Several large investors have recently modified their holdings of LM. Nationwide Fund Advisors boosted its stake in shares of Legg Mason by 13.2% in the fourth quarter. Nationwide Fund Advisors now owns 47,555 shares of the company’s stock valued at $1,866,000 after buying an additional 5,543 shares during the period. First Trust Advisors LP boosted its stake in shares of Legg Mason by 90.7% in the fourth quarter. First Trust Advisors LP now owns 137,745 shares of the company’s stock valued at $5,404,000 after buying an additional 65,511 shares during the period. TD Asset Management Inc. boosted its stake in shares of Legg Mason by 9.1% in the fourth quarter. TD Asset Management Inc. now owns 48,928 shares of the company’s stock valued at $1,919,000 after buying an additional 4,100 shares during the period. Vanguard Group Inc. boosted its stake in shares of Legg Mason by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,519,815 shares of the company’s stock valued at $373,462,000 after buying an additional 117,274 shares during the period. Finally, Mizuho Trust & Banking Co. Ltd. boosted its stake in shares of Legg Mason by 1.9% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 154,984 shares of the company’s stock valued at $6,099,000 after buying an additional 2,919 shares during the period. Institutional investors and hedge funds own 78.65% of the company’s stock.
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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