Wall Street brokerages expect Legg Mason Inc (NYSE:LM) to report sales of $682.68 million for the current quarter, according to Zacks. Two analysts have made estimates for Legg Mason’s earnings, with estimates ranging from $670.00 million to $695.36 million. Legg Mason posted sales of $785.05 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 13%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, April 24th.
According to Zacks, analysts expect that Legg Mason will report full year sales of $2.86 billion for the current year, with estimates ranging from $2.61 billion to $3.05 billion. For the next year, analysts forecast that the firm will report sales of $2.91 billion, with estimates ranging from $2.77 billion to $3.14 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Legg Mason.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Monday, February 4th. The asset manager reported ($2.55) earnings per share for the quarter, missing the consensus estimate of $0.69 by ($3.24). The firm had revenue of $704.30 million for the quarter, compared to analyst estimates of $718.90 million. Legg Mason had a positive return on equity of 7.44% and a negative net margin of 0.06%. The firm’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.58 earnings per share.
A number of brokerages recently commented on LM. Citigroup raised shares of Legg Mason from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $29.50 in a report on Tuesday, February 5th. Deutsche Bank downgraded shares of Legg Mason from a “buy” rating to a “hold” rating and cut their price objective for the company from $31.00 to $27.00 in a report on Thursday, January 10th. Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a report on Monday, December 31st. ValuEngine raised shares of Legg Mason from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 16th. Finally, Morgan Stanley set a $24.00 price objective on shares of Legg Mason and gave the company a “sell” rating in a report on Friday, February 8th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Legg Mason has a consensus rating of “Hold” and a consensus target price of $35.73.
Hedge funds have recently added to or reduced their stakes in the stock. Financial Architects Inc acquired a new position in Legg Mason in the 4th quarter valued at approximately $26,000. Oregon Public Employees Retirement Fund increased its position in Legg Mason by 2,451.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 872,212 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 838,021 shares during the period. Cornerstone Advisors Inc. increased its position in Legg Mason by 113.0% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,127 shares of the asset manager’s stock valued at $35,000 after acquiring an additional 598 shares during the period. Cerebellum GP LLC acquired a new position in Legg Mason in the 4th quarter valued at approximately $46,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Legg Mason in the 4th quarter valued at approximately $104,000. Institutional investors and hedge funds own 83.90% of the company’s stock.
Legg Mason stock opened at $28.80 on Thursday. Legg Mason has a fifty-two week low of $23.25 and a fifty-two week high of $41.87. The stock has a market cap of $2.46 billion, a PE ratio of 7.74, a PEG ratio of 0.61 and a beta of 1.66. The company has a current ratio of 1.77, a quick ratio of 1.33 and a debt-to-equity ratio of 0.54.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Tuesday, March 26th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date is Monday, March 25th. Legg Mason’s dividend payout ratio (DPR) is presently 36.56%.
About Legg Mason
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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