Legg Mason Receives a Buy from RBC Capital

By Jason Carr

RBC Capital analyst Kenneth Lee reiterated a Buy rating on Legg Mason (NYSE: LM) on July 27 and set a price target of $47. The company’s shares closed yesterday at $39.59.

According to TipRanks.com, Lee is a 2-star analyst with an average return of 2.3% and a 60.0% success rate. Lee covers the Financial sector, focusing on stocks such as Ameriprise Financial, Federated Investors, and OM Asset Management.

Currently, the analyst consensus on Legg Mason is Strong Buy and the average price target is $46, representing a 16.2% upside.

In a report issued on July 12, KBW also reiterated a Buy rating on the stock with a $44 price target.

Based on Legg Mason’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $794 million and quarterly net profit of $49.18 million. In comparison, last year the company earned revenue of $678 million and had a net profit of $32.4 million.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2017, Terence Johnson, the EVP of LM sold 8,777 shares for a total of $326,855.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Legg Mason, Inc. is a global asset management company, which provides investment management and related services to institutional and individual clients, company sponsored mutual funds and other pooled investment vehicles through financial intermediaries. The company’s investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income and equity funds, other domestic and offshore funds offered to both retail and institutional investors and funds-of-hedge funds. It conducts business through asset managers which provide separate account investment management services to institutional clients, including pension and other retirement plans, corporations, insurance companies, endowments and foundations and governments, and to high net worth individuals and families and also sponsor and manage various groups of mutual funds. Legg Mason was founded in 1981 and is headquartered in Baltimore, MD.