Legg Mason (LM) Price Target Cut to $41.00

Legg Mason (NYSE:LM) had its target price dropped by equities research analysts at Barclays from $44.00 to $41.00 in a research report issued on Monday. The firm presently has an “equal weight” rating on the asset manager’s stock. Barclays’ price target would indicate a potential upside of 9.60% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Legg Mason from a “hold” rating to a “sell” rating in a research note on Tuesday, April 17th. ValuEngine cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Thursday, April 12th. Jefferies Group reissued a “hold” rating and issued a $45.00 price objective on shares of Legg Mason in a research report on Wednesday, April 11th. Morgan Stanley lowered their price objective on shares of Legg Mason from $42.00 to $40.00 and set an “underweight” rating for the company in a research report on Tuesday, April 10th. Finally, Deutsche Bank boosted their price objective on shares of Legg Mason from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 6th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Legg Mason presently has an average rating of “Hold” and an average price target of $46.60.

LM stock opened at $37.41 on Monday. Legg Mason has a 12 month low of $36.10 and a 12 month high of $47.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.98 and a quick ratio of 1.41. The stock has a market cap of $3,218.45, a P/E ratio of 11.27, a PEG ratio of 0.67 and a beta of 2.05.

Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The firm had revenue of $793.10 million during the quarter, compared to analysts’ expectations of $777.11 million. During the same period in the previous year, the company earned $0.50 EPS. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. research analysts expect that Legg Mason will post 3.61 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in LM. Russell Investments Group Ltd. boosted its position in Legg Mason by 256.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 25,196 shares of the asset manager’s stock valued at $990,000 after buying an additional 18,126 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Legg Mason in the 3rd quarter valued at about $389,000. California Public Employees Retirement System raised its holdings in shares of Legg Mason by 2.8% in the 3rd quarter. California Public Employees Retirement System now owns 327,610 shares of the asset manager’s stock valued at $12,878,000 after purchasing an additional 8,820 shares in the last quarter. Hutchens Investment Management Inc bought a new stake in shares of Legg Mason in the 4th quarter valued at about $251,000. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of Legg Mason in the 4th quarter valued at about $312,000. 91.46% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Legg Mason (NYSE:LM)

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