Zacks: Analysts Expect Legg Mason Inc (NYSE:LM) Will Announce Quarterly Sales of $705.96 Million

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Equities research analysts forecast that Legg Mason Inc (NYSE:LM) will post sales of $705.96 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Legg Mason’s earnings. The lowest sales estimate is $704.00 million and the highest is $707.91 million. Legg Mason posted sales of $747.91 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 5.6%. The company is expected to issue its next quarterly earnings results on Wednesday, July 24th.

On average, analysts expect that Legg Mason will report full-year sales of $2.89 billion for the current year, with estimates ranging from $2.88 billion to $2.92 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.96 billion, with estimates ranging from $2.87 billion to $3.04 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Legg Mason.

Legg Mason (NYSE:LM) last posted its quarterly earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.16. The firm had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $699.24 million. Legg Mason had a negative net margin of 0.98% and a positive return on equity of 7.30%. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 earnings per share.

A number of research analysts have issued reports on the stock. ValuEngine cut shares of Viewray from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Morgan Stanley set a $100.00 target price on shares of Cimarex Energy and gave the company a “buy” rating in a report on Thursday, May 16th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Flexion Therapeutics in a report on Wednesday, April 10th. Royal Bank of Canada dropped their target price on shares of Advance Auto Parts to $178.00 and set an “outperform” rating for the company in a report on Tuesday, May 14th. Finally, Gabelli reaffirmed a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $33.22.

In other news, CAO Ursula Schliessler sold 3,608 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.03, for a total value of $129,996.24. Following the sale, the chief accounting officer now directly owns 27,495 shares in the company, valued at $990,644.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas C. Merchant sold 5,582 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.11, for a total transaction of $201,566.02. Following the completion of the sale, the vice president now owns 78,586 shares in the company, valued at $2,837,740.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,378 shares of company stock valued at $2,292,180. 8.08% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. acquired a new stake in Legg Mason during the fourth quarter worth approximately $104,000. NumerixS Investment Technologies Inc acquired a new stake in Legg Mason during the first quarter worth approximately $132,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Legg Mason by 9.8% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock worth $159,000 after acquiring an additional 559 shares during the last quarter. HighPoint Advisor Group LLC acquired a new stake in Legg Mason during the fourth quarter worth approximately $205,000. Finally, KMG Fiduciary Partners LLC acquired a new stake in Legg Mason during the first quarter worth approximately $208,000. Institutional investors and hedge funds own 84.40% of the company’s stock.

NYSE LM traded up $0.42 during trading hours on Friday, hitting $38.68. 685,131 shares of the stock were exchanged, compared to its average volume of 659,420. The company has a market cap of $3.31 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 0.71 and a beta of 1.50. Legg Mason has a 12-month low of $23.25 and a 12-month high of $38.82. The stock has a 50-day moving average of $37.07. The company has a current ratio of 1.82, a quick ratio of 1.36 and a debt-to-equity ratio of 0.53.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Tuesday, July 2nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, July 1st. This is a boost from Legg Mason’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 4.14%. Legg Mason’s dividend payout ratio (DPR) is 52.63%.

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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