$737.77 Million in Sales Expected for Legg Mason Inc (LM) This Quarter

Equities research analysts expect Legg Mason Inc (NYSE:LM) to post sales of $737.77 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Legg Mason’s earnings, with the lowest sales estimate coming in at $734.53 million and the highest estimate coming in at $741.00 million. Legg Mason posted sales of $793.09 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 7%. The business is scheduled to issue its next earnings report on Wednesday, January 23rd.

According to Zacks, analysts expect that Legg Mason will report full-year sales of $2.99 billion for the current financial year, with estimates ranging from $2.94 billion to $3.05 billion. For the next fiscal year, analysts forecast that the business will post sales of $3.04 billion, with estimates ranging from $2.96 billion to $3.14 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Legg Mason.

Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, October 24th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The business had revenue of $758.43 million for the quarter, compared to the consensus estimate of $755.29 million. Legg Mason had a net margin of 11.81% and a return on equity of 8.03%.

Several brokerages recently issued reports on LM. Deutsche Bank downgraded Legg Mason from a “buy” rating to a “hold” rating and decreased their target price for the company from $31.00 to $27.00 in a research note on Thursday. Zacks Investment Research downgraded Legg Mason from a “hold” rating to a “sell” rating in a research note on Tuesday, December 11th. Bank of America raised Legg Mason from an “underperform” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $29.00 in a research note on Friday. Jefferies Financial Group reissued a “hold” rating and set a $39.00 target price on shares of Legg Mason in a research note on Thursday, October 11th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $37.00 target price on shares of Legg Mason in a research note on Thursday, October 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.55.

LM traded down $0.11 on Friday, hitting $26.70. 940,210 shares of the company’s stock traded hands, compared to its average volume of 942,301. The company has a market capitalization of $2.31 billion, a PE ratio of 7.18, a price-to-earnings-growth ratio of 0.54 and a beta of 1.60. Legg Mason has a one year low of $23.25 and a one year high of $47.13. The company has a current ratio of 1.77, a quick ratio of 1.27 and a debt-to-equity ratio of 0.50.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Wednesday, December 19th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date is Tuesday, December 18th. Legg Mason’s payout ratio is 36.56%.

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Legg Mason by 4.7% during the 3rd quarter. BlackRock Inc. now owns 8,048,661 shares of the asset manager’s stock valued at $251,359,000 after purchasing an additional 360,188 shares during the last quarter. Clarkston Capital Partners LLC increased its position in shares of Legg Mason by 20.1% during the 3rd quarter. Clarkston Capital Partners LLC now owns 4,461,535 shares of the asset manager’s stock valued at $139,334,000 after purchasing an additional 746,434 shares during the last quarter. LSV Asset Management increased its position in shares of Legg Mason by 1.0% during the 3rd quarter. LSV Asset Management now owns 4,071,818 shares of the asset manager’s stock valued at $127,162,000 after purchasing an additional 41,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Legg Mason by 4.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,570,931 shares of the asset manager’s stock valued at $49,061,000 after purchasing an additional 70,862 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in shares of Legg Mason by 2.0% during the 3rd quarter. Macquarie Group Ltd. now owns 1,270,046 shares of the asset manager’s stock valued at $39,664,000 after purchasing an additional 25,300 shares during the last quarter. 83.92% of the stock is currently owned by institutional investors and hedge funds.

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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