Legg Mason Inc (LM) reported quarterly earnings results on Friday, Apr-29-2016. The company reported $-0.15 earnings per share for the quarter, missing the analyst consensus estimate by $-0.85. Analysts had a consensus of $0.70. The company posted revenue of $619.50 million in the period, compared to analysts expectations of $635.03 million. The company’s revenue was down -11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 EPS.
Many Wall Street Analysts have commented on Legg Mason Inc. Shares were Reiterated by RBC Capital Mkts on Apr 25, 2016 to “Sector Perform” and Lowered the Price Target to $ 41 from a previous price target of $49 .Legg Mason Inc was Upgraded by Credit Suisse to ” Outperform” on Mar 16, 2016. Shares were Reiterated by Barclays on Feb 9, 2016 to “Overweight” and Lowered the Price Target to $ 38 from a previous price target of $43 .
Legg Mason Inc opened for trading at $34.55 and hit $35.41 on the upside on Wednesday, eventually ending the session at $35.2, with a gain of 1.73% or 0.6 points. The heightened volatility saw the trading volume jump to 15,74,026 shares. Company has a market cap of $3,791 M.
In a different news, on Feb 2, 2016, Joseph A Sullivan (Chairman, President & CEO) sold 53,418 shares at $29.70 per share price. According to the SEC, on Jan 27, 2016, W Allen Reed (director) purchased 10,000 shares at $29.68 per share price. On Jan 27, 2016, Dennis M. Kass (director) purchased 3,500 shares at $29.80 per share price, according to the Form-4 filing with the securities and exchange commission.
Legg Mason Inc. is a holding company. Through its subsidiaries the Company provides investment management and related services to institutional and individual clients company-sponsored investment funds and retail separately managed account programs. The Company offers its products and services directly and through various financial intermediaries. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in numerous investment styles for institutional and individual investors. Its investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income equity and alternative funds managed in a wide variety of investment styles. The Company also offers other domestic and offshore funds to both retail and institutional investors and funds-of-hedge funds. The Company’s United States mutual funds consist of two groups of mutual and closed-end funds.