Legg Mason (LM) PT Set at $27.00 by Morgan Stanley

Legg Mason (NYSE:LM) has been given a $27.00 price target by stock analysts at Morgan Stanley in a research 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 suggests a potential downside of 23.53% from the stock’s current price.

Several other analysts have also commented on the stock. ValuEngine raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Zacks Investment Research lowered shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Wednesday. Gabelli reissued a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Wells Fargo & Co reissued a “buy” rating on shares of Legg Mason in a research note on Wednesday, April 10th. Finally, Citigroup raised shares of Legg Mason from a “neutral” rating to a “buy” rating and increased their target price for the company from $27.00 to $29.50 in a research note on Tuesday, February 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.44.

Shares of NYSE:LM traded down $0.60 during trading on Thursday, reaching $35.31. The company had a trading volume of 1,556,800 shares, compared to its average volume of 1,102,272. The firm has a market cap of $3.10 billion, a P/E ratio of 11.62, a P/E/G ratio of 0.70 and a beta of 1.73. Legg Mason has a twelve month low of $23.25 and a twelve month high of $39.79. The company has a current ratio of 1.77, a quick ratio of 1.33 and a debt-to-equity ratio of 0.54.



Legg Mason (NYSE:LM) last issued its quarterly earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.16. The company had revenue of $692.60 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 EPS. Equities research analysts forecast that Legg Mason will post 3.17 EPS for the current year.

In other news, EVP Terence Johnson sold 18,525 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.21, for a total transaction 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, CAO Ursula Schliessler sold 3,608 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.03, for a total transaction of $129,996.24. Following the sale, the chief accounting officer now owns 27,495 shares in the company, valued at approximately $990,644.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,378 shares of company stock valued at $2,292,180. Company insiders own 4.33% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in LM. JPMorgan Chase & Co. lifted its stake in shares of Legg Mason by 121.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 324,951 shares of the asset manager’s stock valued at $10,148,000 after purchasing an additional 178,222 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Legg Mason by 59.9% in the 3rd quarter. Nordea Investment Management AB now owns 200,033 shares of the asset manager’s stock valued at $6,247,000 after purchasing an additional 74,940 shares during the last quarter. Retirement Systems of Alabama lifted its stake in shares of Legg Mason by 0.4% in the 4th quarter. Retirement Systems of Alabama now owns 110,892 shares of the asset manager’s stock valued at $2,829,000 after purchasing an additional 464 shares during the last quarter. Oakbrook Investments LLC lifted its stake in shares of Legg Mason by 7.0% in the 4th quarter. Oakbrook Investments LLC now owns 9,200 shares of the asset manager’s stock valued at $235,000 after purchasing an additional 600 shares during the last quarter. Finally, Bartlett & Co. LLC lifted its stake in shares of Legg Mason by 10.3% in the 4th quarter. Bartlett & Co. LLC now owns 30,128 shares of the asset manager’s stock valued at $769,000 after purchasing an additional 2,802 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

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.

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Analyst Recommendations for Legg Mason (NYSE:LM)

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