Brokerages Anticipate Legg Mason Inc (LM) Will Announce Quarterly Sales of $713.60 Million

Equities analysts expect that Legg Mason Inc (NYSE:LM) will post sales of $713.60 million for the current quarter, according to Zacks. Two analysts have issued estimates for Legg Mason’s earnings. The highest sales estimate is $723.00 million and the lowest is $704.20 million. Legg Mason posted sales of $747.91 million in the same quarter last year, which would indicate a negative year over year growth rate of 4.6%. The firm is expected to report its next earnings report on Wednesday, July 24th.

According to Zacks, analysts expect that Legg Mason will report full year sales of $2.87 billion for the current year, with estimates ranging from $2.79 billion to $2.92 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.92 billion, with estimates ranging from $2.76 billion to $3.01 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Legg Mason.

Legg Mason (NYSE:LM) last posted its earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.16. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 0.98%. The company had revenue of $692.60 million during the quarter, compared to the consensus estimate of $699.24 million. During the same quarter last year, the firm earned $0.86 earnings per share. The company’s revenue was down 11.8% on a year-over-year basis.

A number of research analysts recently commented on the company. Citigroup upgraded Legg Mason from a “neutral” rating to a “buy” rating and raised their price target for the stock from $27.00 to $29.50 in a research report on Tuesday, February 5th. Gabelli restated a “buy” rating on shares of Legg Mason in a research report on Wednesday, April 10th. Wells Fargo & Co restated a “buy” rating on shares of Legg Mason in a research report on Wednesday, April 10th. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Tuesday, April 9th. Finally, ValuEngine upgraded Legg Mason from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $33.22.

LM opened at $35.66 on Tuesday. Legg Mason has a fifty-two week low of $23.25 and a fifty-two week high of $39.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.77 and a quick ratio of 1.33. The firm has a market cap of $3.02 billion, a PE ratio of 11.73, a PEG ratio of 0.70 and a beta of 1.73.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Tuesday, July 2nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.49%. This is a boost from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s dividend payout ratio (DPR) is presently 44.74%.

In other Legg Mason news, EVP Terence Johnson sold 18,525 shares of Legg Mason stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.21, for a total value of $670,790.25. Following the transaction, the executive vice president now owns 124,300 shares in the company, valued at $4,500,903. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Peter Nachtwey sold 9,193 shares of Legg Mason stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.13, for a total value of $332,143.09. Following the completion of the transaction, the chief financial officer now owns 167,691 shares in the company, valued at approximately $6,058,675.83. The disclosure for this sale can be found here. Insiders sold 63,378 shares of company stock worth $2,292,180 in the last 90 days. 4.33% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in Legg Mason by 1.1% in the first quarter. BlackRock Inc. now owns 7,942,130 shares of the asset manager’s stock valued at $217,375,000 after acquiring an additional 88,405 shares during the last quarter. Clarkston Capital Partners LLC grew its holdings in shares of Legg Mason by 3.5% during the first quarter. Clarkston Capital Partners LLC now owns 4,824,985 shares of the asset manager’s stock worth $132,060,000 after purchasing an additional 164,850 shares during the last quarter. LSV Asset Management grew its holdings in shares of Legg Mason by 1.2% during the fourth quarter. LSV Asset Management now owns 4,119,113 shares of the asset manager’s stock worth $105,078,000 after purchasing an additional 47,295 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Legg Mason by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,075,993 shares of the asset manager’s stock worth $103,979,000 after purchasing an additional 18,559 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Legg Mason by 1.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,588,957 shares of the asset manager’s stock worth $40,534,000 after purchasing an additional 18,026 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Legg Mason Company Profile

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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Earnings History and Estimates for Legg Mason (NYSE:LM)

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