Zacks: Brokerages Anticipate Legg Mason Inc (LM) Will Announce Quarterly Sales of $763.47 Million

Equities research analysts expect Legg Mason Inc (NYSE:LM) to post $763.47 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Legg Mason’s earnings. The highest sales estimate is $769.80 million and the lowest is $757.60 million. Legg Mason reported sales of $723.13 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.6%. The company is expected to issue its next quarterly earnings results on Wednesday, April 25th.

On average, analysts expect that Legg Mason will report full-year sales of $763.47 million for the current financial year, with estimates ranging from $3.11 billion to $3.13 billion. For the next year, analysts expect that the firm will report sales of $3.07 billion per share, with estimates ranging from $3.00 billion to $3.12 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Legg Mason.

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

A number of research firms have commented on LM. Royal Bank of Canada lifted their price objective on shares of Legg Mason to $57.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Bank of America lifted their price objective on shares of Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a research note on Thursday, January 25th. Citigroup restated a “neutral” rating and issued a $50.00 price objective (up from $49.00) on shares of Legg Mason in a research note on Thursday, January 25th. Morgan Stanley lifted their price objective on shares of Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research note on Tuesday, January 30th. Finally, Jefferies Group downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $45.91.

Legg Mason (NYSE:LM) opened at $37.79 on Friday. The company has a quick ratio of 1.79, a current ratio of 1.98 and a debt-to-equity ratio of 0.58. The company has a market cap of $3,428.11, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 0.65 and a beta of 2.19. Legg Mason has a one year low of $34.10 and a one year high of $47.13.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Wednesday, March 14th. Legg Mason’s payout ratio is 30.77%.

Several large investors have recently modified their holdings of the company. Thrivent Financial For Lutherans boosted its holdings in shares of Legg Mason by 5.4% in the second quarter. Thrivent Financial For Lutherans now owns 17,160 shares of the asset manager’s stock valued at $655,000 after acquiring an additional 880 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Legg Mason by 3.4% during the third quarter. Asset Management One Co. Ltd. now owns 40,298 shares of the asset manager’s stock worth $1,586,000 after buying an additional 1,339 shares in the last quarter. First Allied Advisory Services Inc. boosted its holdings in Legg Mason by 21.0% during the fourth quarter. First Allied Advisory Services Inc. now owns 8,110 shares of the asset manager’s stock worth $341,000 after buying an additional 1,408 shares in the last quarter. Bank of Montreal Can boosted its holdings in Legg Mason by 20.9% during the fourth quarter. Bank of Montreal Can now owns 8,215 shares of the asset manager’s stock worth $345,000 after buying an additional 1,421 shares in the last quarter. Finally, Aperio Group LLC boosted its holdings in Legg Mason by 1.7% during the third quarter. Aperio Group LLC now owns 87,954 shares of the asset manager’s stock worth $3,457,000 after buying an additional 1,500 shares in the last quarter. 83.14% of the stock is currently owned by institutional investors and hedge funds.

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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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