Zacks: Analysts AwaitLegg Mason Inc (LM) Will Announce Quarterly Sales of $779.21 Million

Zacks: Analysts AwaitLegg Mason Inc (LM) Will Announce Quarterly Sales of $779.21 Million

Equities research analysts expect that Legg Mason Inc (NYSE:LM) will report sales of $779.21 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Legg Mason’s earnings, with the lowest sales estimate coming in at $778.00 million and the highest estimate coming in at $779.83 million. Legg Mason reported sales of $700.17 million in the same quarter last year, which would suggest a positive year over year growth rate of 11.3%. The company is expected to report its next quarterly earnings report on Wednesday, July 26th.

On average, analysts expect that Legg Mason will report full-year sales of $779.21 million for the current fiscal year, with estimates ranging from $2.90 billion to $3.04 billion. For the next year, analysts expect that the business will post sales of $2.98 billion per share, with estimates ranging from $2.75 billion to $3.09 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Legg Mason.

Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The firm had revenue of $723.13 million during the quarter, compared to analysts’ expectations of $701.50 million. During the same quarter in the prior year, the company earned ($0.15) EPS. The company’s revenue was up 16.7% compared to the same quarter last year.

Several research analysts have recently commented on LM shares. Evercore ISI lowered shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price objective for the company. in a research note on Friday, March 3rd. Zacks Investment Research lowered shares of Legg Mason from a “hold” rating to a “sell” rating in a research note on Monday, March 20th. Jefferies Group LLC reissued a “buy” rating and issued a $41.00 price objective on shares of Legg Mason in a research note on Monday, March 27th. ValuEngine lowered shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $43.00 price objective on shares of Legg Mason in a research note on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Legg Mason has an average rating of “Hold” and a consensus price target of $39.29.

In other news, insider Terence Johnson sold 13,325 shares of the business’s stock in a transaction that occurred on Friday, March 24th. The shares were sold at an average price of $34.88, for a total transaction of $464,776.00. Following the completion of the sale, the insider now owns 122,517 shares in the company, valued at approximately $4,273,392.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ursula Schliessler sold 1,745 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $37.39, for a total transaction of $65,245.55. Following the sale, the chief accounting officer now owns 14,445 shares of the company’s stock, valued at approximately $540,098.55. The disclosure for this sale can be found here. Insiders sold 23,847 shares of company stock valued at $856,877 in the last quarter. 1.94% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of LM. BlackRock Inc. increased its stake in shares of Legg Mason by 1,729.5% in the first quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock valued at $286,448,000 after buying an additional 7,499,031 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Legg Mason by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock valued at $260,895,000 after buying an additional 111,523 shares in the last quarter. FMR LLC increased its stake in shares of Legg Mason by 21.9% in the fourth quarter. FMR LLC now owns 5,386,394 shares of the asset manager’s stock valued at $161,108,000 after buying an additional 966,605 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Legg Mason by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,281,797 shares of the asset manager’s stock valued at $118,506,000 after buying an additional 88,706 shares in the last quarter. Finally, LSV Asset Management increased its stake in shares of Legg Mason by 5.4% in the first quarter. LSV Asset Management now owns 1,402,296 shares of the asset manager’s stock valued at $50,636,000 after buying an additional 72,470 shares in the last quarter. Institutional investors and hedge funds own 78.75% of the company’s stock.

Shares of Legg Mason (NYSE:LM) traded down 0.03% during midday trading on Friday, hitting $38.02. 580,274 shares of the stock traded hands. Legg Mason has a 52-week low of $27.54 and a 52-week high of $38.99. The stock has a 50-day moving average of $37.52 and a 200-day moving average of $34.82. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 17.44 and a beta of 1.93.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Tuesday, June 13th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.95%. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. Legg Mason’s payout ratio is currently 87.13%.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “LM”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

Get a free copy of the Zacks research report on Legg Mason (LM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Related posts

Leave a Comment