Morgan Stanley Analysts Give Legg Mason (LM) a $27.00 Price Target

Legg Mason (NYSE:LM) has been assigned a $27.00 target price by stock analysts at Morgan Stanley in a note issued to investors on Thursday, TipRanks reports. The brokerage presently has a “sell” rating on the asset manager’s stock. Morgan Stanley’s target price indicates a potential downside of 23.53% from the stock’s current price.

A number of other research firms have also recently issued reports on LM. ValuEngine raised shares of Legg Mason from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Royal Bank of Canada raised their price target on shares of Legg Mason to $39.00 and gave the stock an “in-line” rating in a report on Tuesday. Zacks Investment Research cut shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Co raised their price target on shares of Legg Mason from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 5th. Finally, Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $32.44.

NYSE LM opened at $35.31 on Thursday. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 0.70 and a beta of 1.73. Legg Mason has a 12-month low of $23.25 and a 12-month 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.

Legg Mason (NYSE:LM) last posted its quarterly earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.16. The business had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $699.24 million. Legg Mason had a negative net margin of 0.98% and a positive return on equity of 7.24%. The business’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the company posted $0.86 earnings per share. As a group, equities analysts anticipate that Legg Mason will post 3.17 earnings per share for the current year.

In other news, EVP Terence Johnson sold 18,525 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.21, for a total value of $670,790.25. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph A. Sullivan sold 26,470 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.18, for a total transaction of $957,684.60. The disclosure for this sale can be found here. Insiders sold 63,378 shares of company stock worth $2,292,180 in the last quarter. Company insiders own 4.33% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Legg Mason by 1.1% in the first quarter. BlackRock Inc. now owns 7,942,130 shares of the asset manager’s stock worth $217,375,000 after acquiring an additional 88,405 shares during the period. Clarkston Capital Partners LLC increased its stake in shares of Legg Mason by 3.5% in the first quarter. Clarkston Capital Partners LLC now owns 4,824,985 shares of the asset manager’s stock worth $132,060,000 after acquiring an additional 164,850 shares during the period. LSV Asset Management increased its stake in shares of Legg Mason by 1.2% in the fourth quarter. LSV Asset Management now owns 4,119,113 shares of the asset manager’s stock worth $105,078,000 after acquiring an additional 47,295 shares during the period. Dimensional Fund Advisors LP increased its stake 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 worth $103,979,000 after acquiring an additional 18,559 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Legg Mason by 1.1% in 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 acquiring an additional 18,026 shares during the period. 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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Analyst Recommendations for Legg Mason (NYSE:LM)

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