Legg Mason Inc (NYSE:LM) Receives $33.13 Average Price Target from Analysts
Shares of Legg Mason Inc (NYSE:LM) have been given an average recommendation of “Hold” by the eleven research firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $33.13.
LM has been the topic of a number of research analyst reports. Zacks Investment Research lowered GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a report on Monday, May 20th. ValuEngine lowered Viewray from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Morgan Stanley set a $100.00 price target on Cimarex Energy and gave the company a “buy” rating in a report on Thursday, May 16th. Royal Bank of Canada lowered their price target on Advance Auto Parts to $178.00 and set an “outperform” rating on the stock in a report on Tuesday, May 14th. Finally, Wells Fargo & Co reissued a “buy” rating on shares of Flexion Therapeutics in a report on Wednesday, April 10th.
Shares of LM traded down $0.24 during trading hours on Friday, reaching $38.09. 399,541 shares of the company’s stock traded hands, compared to its average volume of 634,001. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 0.64 and a beta of 1.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.82 and a quick ratio of 1.36. Legg Mason has a twelve month low of $23.25 and a twelve month high of $38.86. The stock has a fifty day simple moving average of $37.26.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Tuesday, July 2nd will be issued a dividend of $0.40 per share. This is a positive change from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Monday, July 1st. Legg Mason’s payout ratio is presently 52.63%.
In related news, EVP Terence Johnson sold 18,525 shares of Legg Mason stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.21, for a total value of $670,790.25. Following the transaction, the executive vice president now owns 124,300 shares of the company’s stock, valued at approximately $4,500,903. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter Nachtwey sold 9,193 shares of Legg Mason stock in a transaction dated Thursday, May 16th. The stock was 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 directly owns 167,691 shares in the company, valued at approximately $6,058,675.83. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,378 shares of company stock worth $2,292,180. 8.08% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Machina Capital S.A.S. boosted its position in Legg Mason by 19.0% during the 2nd quarter. Machina Capital S.A.S. now owns 2,650 shares of the asset manager’s stock worth $100,000 after acquiring an additional 424 shares during the period. Retirement Systems of Alabama lifted its holdings in shares of Legg Mason by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 111,353 shares of the asset manager’s stock valued at $3,048,000 after buying an additional 461 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Legg Mason by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 34,680 shares of the asset manager’s stock valued at $1,328,000 after buying an additional 489 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Legg Mason by 9.8% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock valued at $159,000 after buying an additional 559 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its holdings in shares of Legg Mason by 4.0% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 16,780 shares of the asset manager’s stock valued at $642,000 after buying an additional 645 shares during the last quarter. 84.40% of the stock is currently 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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