Zacks: Analysts Expect Legg Mason, Inc. (LM) Will Announce Quarterly Sales of $761.33 Million

Brokerages expect that Legg Mason, Inc. (NYSE:LM) will report sales of $761.33 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Legg Mason’s earnings, with the highest sales estimate coming in at $776.00 million and the lowest estimate coming in at $735.10 million. Legg Mason reported sales of $715.24 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.4%. The firm is expected to announce its next quarterly earnings report on Wednesday, February 7th.

On average, analysts expect that Legg Mason will report full-year sales of $761.33 million for the current year, with estimates ranging from $3.07 billion to $3.09 billion. For the next fiscal year, analysts expect that the company will report sales of $3.02 billion per share, with estimates ranging from $2.90 billion to $3.09 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Legg Mason.

Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.10. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The company had revenue of $768.30 million for the quarter, compared to analysts’ expectations of $739.47 million. During the same period last year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year.

Several equities research analysts have issued reports on LM shares. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Wednesday, November 8th. Deutsche Bank assumed coverage on shares of Legg Mason in a research report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 target price on the stock. Royal Bank Of Canada set a $47.00 target price on shares of Legg Mason and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a research report on Friday, September 29th. Finally, Jefferies Group reissued a “buy” rating and issued a $49.00 target price on shares of Legg Mason in a research report on Sunday, August 20th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $43.10.

Legg Mason (LM) traded down $0.44 during trading on Friday, hitting $39.82. 822,649 shares of the company’s stock traded hands, compared to its average volume of 1,078,009. Legg Mason has a one year low of $29.71 and a one year high of $42.08. The firm has a market cap of $3,700.00, a PE ratio of 14.17, a P/E/G ratio of 0.95 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.79.

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.81%. Legg Mason’s dividend payout ratio (DPR) is 43.75%.

A number of hedge funds have recently made changes to their positions in LM. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Legg Mason by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after buying an additional 294 shares in the last quarter. QCM Cayman Ltd. purchased a new stake in shares of Legg Mason during the second quarter valued at approximately $200,000. Gotham Asset Management LLC purchased a new stake in shares of Legg Mason during the second quarter valued at approximately $212,000. Institute for Wealth Management LLC. purchased a new stake in shares of Legg Mason during the second quarter valued at approximately $224,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Legg Mason during the third quarter valued at approximately $224,000. 82.58% of the stock is currently owned by hedge funds and other institutional investors.

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Legg Mason Company Profile

Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.

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Earnings History and Estimates for Legg Mason (NYSE:LM)

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