Morgan Stanley Trims Legg Mason (LM) Target Price to $40.00

Legg Mason (NYSE:LM) had its price target cut by Morgan Stanley from $42.00 to $40.00 in a research note released on Tuesday. They currently have an underweight rating on the asset manager’s stock.

LM has been the topic of several other research reports. Citigroup restated a hold rating and issued a $42.00 price target on shares of Legg Mason in a research report on Tuesday, December 26th. Credit Suisse Group cut shares of Legg Mason from an outperform rating to a neutral rating and set a $49.00 price objective on the stock. in a research report on Wednesday, January 3rd. Zacks Investment Research cut shares of Legg Mason from a buy rating to a hold rating in a research report on Tuesday, March 27th. Royal Bank of Canada boosted their price objective on shares of Legg Mason to $57.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Finally, Bank of America boosted their price objective on shares of Legg Mason from $42.00 to $44.00 and gave the company an underperform rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $46.40.

Shares of LM opened at $38.51 on Tuesday. Legg Mason has a fifty-two week low of $36.10 and a fifty-two week high of $47.13. The firm has a market capitalization of $3,237.05, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 0.66 and a beta of 2.05. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.58.



Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The company had revenue of $793.10 million for the quarter, compared to analysts’ expectations of $777.11 million. During the same quarter in the previous year, the business posted $0.50 earnings per share. Legg Mason’s quarterly revenue was up 10.9% on a year-over-year basis. analysts anticipate that Legg Mason will post 3.66 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is 33.73%.

Hedge funds have recently bought and sold shares of the business. Advisors Preferred LLC bought a new position in shares of Legg Mason in the fourth quarter worth about $162,000. Bessemer Group Inc. grew its holdings in shares of Legg Mason by 219.1% in the fourth quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock worth $189,000 after purchasing an additional 3,089 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Legg Mason by 47.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after purchasing an additional 1,518 shares during the last quarter. Murphy Pohlad Asset Management LLC bought a new position in shares of Legg Mason in the fourth quarter worth about $205,000. Finally, State of Alaska Department of Revenue bought a new position in shares of Legg Mason in the fourth quarter worth about $247,000. Institutional investors and hedge funds own 91.45% of the company’s stock.

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About Legg Mason

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.

Analyst Recommendations for Legg Mason (NYSE:LM)

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