Legg Mason (LM) Issues Earnings Results

Legg Mason (NYSE:LM) released its earnings results on Monday. The asset manager reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.16, Briefing.com reports. The business had revenue of $692.60 million during the quarter, compared to the consensus estimate of $699.24 million. Legg Mason had a negative net margin of 0.06% and a positive return on equity of 7.44%. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 EPS.

Legg Mason stock opened at $33.23 on Tuesday. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 0.74 and a beta of 1.73. Legg Mason has a 52-week low of $23.25 and a 52-week high of $39.79. The company has a current ratio of 1.77, a quick ratio of 1.33 and a debt-to-equity ratio of 0.54.

A number of analysts have weighed in on LM shares. Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Bank of America downgraded shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $30.50 target price for the company. in a research report on Monday, January 14th. Morgan Stanley set a $24.00 target price on shares of Legg Mason and gave the company a “sell” rating in a research report on Friday, February 8th. Wells Fargo & Co increased their target price on shares of Legg Mason from $29.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 5th. Finally, ValuEngine raised shares of Legg Mason from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $32.11.

Several institutional investors have recently bought and sold shares of LM. BlackRock Inc. lifted its holdings in shares of Legg Mason by 1.1% in the 1st quarter. BlackRock Inc. now owns 7,942,130 shares of the asset manager’s stock worth $217,375,000 after purchasing an additional 88,405 shares in the last quarter. Clarkston Capital Partners LLC lifted its holdings in shares of Legg Mason by 3.5% in the 1st 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 in the last quarter. LSV Asset Management lifted its holdings in shares of Legg Mason by 1.2% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Legg Mason by 0.5% in the 4th 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 in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Legg Mason by 1.1% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 84.90% of the company’s stock.

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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.

Further Reading: Fundamental Analysis and Individual Investors

Earnings History for Legg Mason (NYSE:LM)

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