Legg Mason Inc (LM) Expected to Announce Quarterly Sales of $744.05 Million

Analysts expect Legg Mason Inc (NYSE:LM) to report sales of $744.05 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Legg Mason’s earnings, with the highest sales estimate coming in at $747.09 million and the lowest 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 6.2%. The company is expected to report its next earnings report on Wednesday, January 23rd.

On average, analysts expect that Legg Mason will report full year sales of $3.00 billion for the current fiscal year, with estimates ranging from $2.99 billion to $3.05 billion. For the next year, analysts expect that the firm will report sales of $3.05 billion, with estimates ranging from $2.96 billion to $3.14 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Legg Mason.

Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, October 24th. The asset manager reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The company had revenue of $758.43 million during 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. Wells Fargo & Co decreased their price objective on Legg Mason from $39.00 to $34.00 and set an “outperform” rating for the company in a research report on Thursday, October 25th. Royal Bank of Canada reiterated a “buy” rating and issued a $37.00 price objective on shares of Legg Mason in a research report on Thursday, October 25th. Morgan Stanley decreased their price objective on Legg Mason from $32.00 to $25.00 and set a “sell” rating for the company in a research report on Wednesday, November 14th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $33.00 price objective on shares of Legg Mason in a research report on Monday, October 29th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $39.00 price objective on shares of Legg Mason in a research report on Thursday, October 11th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $39.27.

Shares of LM stock traded up $0.67 on Monday, reaching $28.91. The company had a trading volume of 962,900 shares, compared to its average volume of 896,709. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.77 and a quick ratio of 1.27. The stock has a market cap of $2.42 billion, a PE ratio of 7.76, a price-to-earnings-growth ratio of 0.49 and a beta of 1.72. Legg Mason has a 12 month low of $26.10 and a 12 month high of $47.13.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Wednesday, December 19th will be given a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, December 18th. This represents a $1.36 annualized dividend and a dividend yield of 4.70%. Legg Mason’s dividend payout ratio is presently 36.56%.

In other Legg Mason news, insider Frances Cashman sold 10,058 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $31.61, for a total transaction of $317,933.38. Following the completion of the transaction, the insider now owns 72,937 shares of the company’s stock, valued at approximately $2,305,538.57. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.33% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in shares of Legg Mason in the 3rd quarter valued at approximately $131,000. Sageworth Trust Co boosted its holdings in shares of Legg Mason by 608.3% in the 3rd quarter. Sageworth Trust Co now owns 4,250 shares of the asset manager’s stock valued at $133,000 after buying an additional 3,650 shares during the last quarter. Westbourne Investment Advisors Inc. acquired a new stake in shares of Legg Mason in the 3rd quarter valued at approximately $137,000. Canada Pension Plan Investment Board acquired a new stake in shares of Legg Mason in the 2nd quarter valued at approximately $142,000. Finally, D.A. Davidson & CO. acquired a new stake in shares of Legg Mason in the 3rd quarter valued at approximately $253,000. 84.89% of the stock is owned by hedge funds and other institutional investors.

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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