Analysts forecast that Legg Mason Inc (NYSE:LM) will report $705.96 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Legg Mason’s earnings. The highest sales estimate is $707.91 million and the lowest is $704.00 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 5.6%. The firm is scheduled to issue its next earnings report on Wednesday, July 24th.
According to Zacks, analysts expect that Legg Mason will report full-year sales of $2.89 billion for the current fiscal year, with estimates ranging from $2.88 billion to $2.92 billion. For the next financial year, analysts expect that the company will post sales of $2.96 billion, with estimates ranging from $2.87 billion to $3.04 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Legg Mason.
Legg Mason (NYSE:LM) last announced its earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.16. The business had revenue of $692.60 million for the quarter, compared to analysts’ expectations of $699.24 million. Legg Mason had a positive return on equity of 7.30% and a negative net margin of 0.98%. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.86 EPS.
In other Legg Mason news, CFO Peter Nachtwey sold 9,193 shares of the company’s stock in a transaction on 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 $6,058,675.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas C. Merchant sold 5,582 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.11, for a total transaction of $201,566.02. Following the sale, the vice president now owns 78,586 shares of the company’s stock, valued at approximately $2,837,740.46. The disclosure for this sale can be found here. Insiders sold 63,378 shares of company stock valued at $2,292,180 in the last 90 days. 8.08% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Legg Mason during the fourth quarter worth about $104,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Legg Mason during the first quarter worth about $132,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Legg Mason by 9.8% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock worth $159,000 after buying an additional 559 shares during the period. HighPoint Advisor Group LLC acquired a new stake in shares of Legg Mason during the fourth quarter worth about $205,000. Finally, KMG Fiduciary Partners LLC acquired a new stake in shares of Legg Mason during the first quarter worth about $208,000. Institutional investors and hedge funds own 84.40% of the company’s stock.
Shares of LM stock traded up $0.42 on Friday, reaching $38.68. 685,131 shares of the stock were exchanged, compared to its average volume of 659,420. The company has a quick ratio of 1.36, a current ratio of 1.82 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average price is $37.07. The stock has a market cap of $3.31 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 0.71 and a beta of 1.50. Legg Mason has a twelve month low of $23.25 and a twelve month high of $38.82.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Monday, July 1st. This is an increase from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s dividend payout ratio is currently 52.63%.
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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