$734.22 Million in Sales Expected for Legg Mason Inc (NYSE:LM) This Quarter

Brokerages expect Legg Mason Inc (NYSE:LM) to announce $734.22 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Legg Mason’s earnings. The lowest sales estimate is $732.44 million and the highest is $736.00 million. Legg Mason reported sales of $758.43 million in the same quarter last year, which indicates a negative year-over-year growth rate of 3.2%. The firm is scheduled to announce its next earnings results on Wednesday, October 23rd.

According to Zacks, analysts expect that Legg Mason will report full-year sales of $2.90 billion for the current financial year, with estimates ranging from $2.88 billion to $2.93 billion. For the next fiscal year, analysts forecast that the business will post sales of $2.97 billion, with estimates ranging from $2.90 billion to $3.01 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Legg Mason.

Legg Mason (NYSE:LM) last released its earnings results on Thursday, August 1st. The asset manager reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The company had revenue of $705.36 million for the quarter, compared to analysts’ expectations of $708.70 million. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.75 EPS.

A number of research firms have recently commented on LM. Royal Bank of Canada lifted their target price on Legg Mason to $39.00 and gave the stock an “in-line” rating in a research note on Tuesday, May 14th. Credit Suisse Group lifted their target price on Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Evercore ISI reiterated a “hold” rating and set a $36.00 target price on shares of Legg Mason in a research note on Tuesday, August 13th. Morgan Stanley set a $27.00 target price on Legg Mason and gave the stock a “sell” rating in a research note on Thursday, May 16th. Finally, Zacks Investment Research cut Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 target price on the stock. in a research note on Monday, August 19th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $34.09.

Shares of NYSE LM traded down $1.15 during mid-day trading on Wednesday, reaching $36.01. 419,535 shares of the company’s stock were exchanged, compared to its average volume of 683,471. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 0.71 and a beta of 1.49. Legg Mason has a 52 week low of $23.25 and a 52 week high of $38.94. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.01 and a quick ratio of 1.41. The firm has a 50-day moving average price of $37.77 and a two-hundred day moving average price of $33.93.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Thursday, October 10th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Wednesday, October 9th. Legg Mason’s dividend payout ratio is currently 52.63%.

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Legg Mason by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,075,993 shares of the asset manager’s stock valued at $103,979,000 after buying an additional 18,559 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Legg Mason by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 844,812 shares of the asset manager’s stock valued at $21,551,000 after buying an additional 32,581 shares during the period. Retirement Systems of Alabama boosted its holdings in shares of Legg Mason by 0.4% in the first quarter. Retirement Systems of Alabama now owns 111,353 shares of the asset manager’s stock valued at $3,048,000 after buying an additional 461 shares during the period. Brinker Capital Inc. boosted its holdings in shares of Legg Mason by 71.8% in the first quarter. Brinker Capital Inc. now owns 39,550 shares of the asset manager’s stock valued at $1,087,000 after buying an additional 16,528 shares during the period. Finally, Graybill Bartz & Assoc Ltd. boosted its holdings in shares of Legg Mason by 3.8% in the first quarter. Graybill Bartz & Assoc Ltd. now owns 113,519 shares of the asset manager’s stock valued at $3,107,000 after buying an additional 4,180 shares during the period. Institutional investors and hedge funds own 81.80% of the company’s stock.

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

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