Legg Mason (LM) Sets New 52-Week Low at $35.00

Shares of Legg Mason Inc (NYSE:LM) hit a new 52-week low during trading on Tuesday . The stock traded as low as $35.00 and last traded at $35.09, with a volume of 792536 shares. The stock had previously closed at $35.60.

LM has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, April 11th. Barclays raised their target price on shares of Legg Mason from $41.00 to $42.00 and gave the stock an “equal weight” rating in a report on Thursday, April 26th. Jefferies Financial Group restated a “hold” rating and set a $45.00 target price on shares of Legg Mason in a report on Wednesday, April 11th. ValuEngine downgraded shares of Legg Mason from a “hold” rating to a “sell” rating in a report on Wednesday, June 6th. Finally, TheStreet downgraded shares of Legg Mason from a “b” rating to a “c+” rating in a report on Thursday, June 7th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Legg Mason presently has a consensus rating of “Hold” and a consensus target price of $47.10.

The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.41 and a current ratio of 1.96. The firm has a market cap of $3.07 billion, a PE ratio of 9.43, a P/E/G ratio of 0.55 and a beta of 2.01.

Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, April 25th. The asset manager reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.15. Legg Mason had a net margin of 11.21% and a return on equity of 7.86%. The company had revenue of $785.10 million for the quarter, compared to the consensus estimate of $755.98 million. During the same period last year, the company earned $0.76 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. equities research analysts expect that Legg Mason Inc will post 3.61 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 9th. Stockholders of record on Tuesday, June 12th will be issued a $0.34 dividend. The ex-dividend date is Monday, June 11th. This is an increase from Legg Mason’s previous quarterly dividend of $0.28. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.88%. Legg Mason’s dividend payout ratio (DPR) is 36.56%.

In other news, insider Joseph A. Sullivan sold 31,336 shares of Legg Mason stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $38.81, for a total value of $1,216,150.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Thomas C. Merchant sold 2,537 shares of Legg Mason stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $38.80, for a total transaction of $98,435.60. Following the completion of the sale, the vice president now owns 65,940 shares in the company, valued at $2,558,472. The disclosure for this sale can be found here. Insiders sold 34,771 shares of company stock worth $1,349,563 over the last quarter. 4.33% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the stock. First Allied Advisory Services Inc. grew its stake in shares of Legg Mason by 21.0% in the fourth quarter. First Allied Advisory Services Inc. now owns 8,110 shares of the asset manager’s stock valued at $341,000 after buying an additional 1,408 shares in the last quarter. Oxbow Advisors LLC grew its stake in shares of Legg Mason by 1.4% in the first quarter. Oxbow Advisors LLC now owns 108,995 shares of the asset manager’s stock valued at $4,431,000 after buying an additional 1,505 shares in the last quarter. KAMES CAPITAL plc grew its stake in shares of Legg Mason by 2.2% in the first quarter. KAMES CAPITAL plc now owns 84,380 shares of the asset manager’s stock valued at $3,430,000 after buying an additional 1,850 shares in the last quarter. IFP Advisors Inc boosted its position in Legg Mason by 183.7% during the first quarter. IFP Advisors Inc now owns 3,470 shares of the asset manager’s stock worth $141,000 after purchasing an additional 2,247 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in Legg Mason by 0.6% during the first quarter. OppenheimerFunds Inc. now owns 427,259 shares of the asset manager’s stock worth $17,368,000 after purchasing an additional 2,408 shares during the period. 88.86% of the stock is owned by institutional investors and hedge funds.

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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