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Thursday, February 20


News

Legg Mason (NYSE:LM) Rating Lowered to Market Perform at Keefe, Bruyette & Woods – Enterprise Echo

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Legg Mason (NYSE:LM) was downgraded by stock analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday, MarketBeat.com reports. Finally, Cfra raised their target price on shares of Legg Mason from $45.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. In related news, insider Legg Mason, Inc. acquired 49,554 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th.

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enterpriseecho.com
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Moody's Affirms Franklin Ratings, Puts Legg Mason on Review

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Following the merger announcement of Legg Mason LM and Franklin Resources BEN, Moody's Investors Service has placed the ratings of the former under review for upgrade, while has affirmed the A2 senior unsecured debt rating for the latter. Regarding Franklin, Moody’s is of opinion that the buyout is likely to help expand its revenue sources through the addition of Legg Mason’s separate managed account platform and institutional sales capabilities. Also, Franklin’s strong liquidity position and ability to generate cash will help fund the cash purchase. However, per the ratings agency, Franklin has been witnessing declining revenues and significant outflows of assets under management (AUM). Further, Moody’s feels that the asset management sector is facing risks from elevated market valuations and the effect of low interest rates on global credit quality, which could result in volatile financial performance of the combined firm. For Legg Mason, Moody’s expects its key investment platforms to continue functioning independently as subsidiaries of Franklin, post acquisition.

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nasdaq.com
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Martin Currie in focus as Franklin buys Legg Mason – Daily Business

LM BEN

Franklin Resources’ agreed $4.5bn acquisition of rival Legg Mason has turned Scottish attention on the Edinburgh-based asset manager Martin Currie. Martin Currie was acquired by Legg Mason in 2014 and is run as an independently managed investment affiliate. Investors’ appetite for expensive, actively managed funds – the area of specialism at Martin Currie – is on the wane and the popularity of cheaper, passive funds is increasing. US Invesco bought OppenheimerFunds from Massachusetts Mutual Life Insurance Co. On Monday, Jupiter Fund Management agreed to acquire UK asset manager Merian Global Investors.

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Wednesday, February 19


News

Legg Mason (NYSE:LM) Sees Strong Trading Volume After Analyst Upgrade – Enterprise Echo

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Shares of Legg Mason Inc (NYSE:LM) saw strong trading volume on Wednesday after Deutsche Bank raised their price target on the stock from $38.00 to $50.00. 448,506 shares were traded during mid-day trading, a decline of 40% from the previous session’s volume of 744,460 shares.The stock last traded at $50.44 and had previously closed at $50.66. In other news, insider Legg Mason, Inc. bought 49,554 shares of the stock in a transaction on Wednesday, February 5th. Alliancebernstein L.P. now owns 192,294 shares of the asset manager’s stock worth $6,905,000 after acquiring an additional 5,320 shares in the last quarter.

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enterpriseecho.com
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Legg Mason (LM) is a Great Momentum Stock: Should You Buy?

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In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area. For LM, shares are up 2.6% over the past week while the Zacks Financial - Investment Management industry is up 0.35% over the same time period. Taking into account all of these elements, it should come as no surprise that LM is a #1 (Strong Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Legg Mason on your short list.

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nasdaq.com
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Legg Mason (LM) Hits 52-Week High, Can the Run Continue?

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Shares of Legg Mason (LM) have been strong performers lately, with the stock up 35.9% over the past month. Legg Mason has gained 41.1% since the start of the year compared to the 0.8% move for the Zacks Finance sector and the 8.9% return for the Zacks Financial - Investment Management industry. What's Driving the Outperformance? In its last earnings report on January 29, 2020, Legg Mason reported EPS of $1.03 versus consensus estimate of $0.95 while it beat the consensus revenue estimate by 2.96%. For the current fiscal year, Legg Mason is expected to post earnings of $3.74 per share on $2.93 billion in revenues. We also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Legg Mason currently has a Zacks Rank of #1 (Strong Buy) thanks to rising earnings estimates. Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Legg Mason fits the bill.

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Asset manager Franklin Templeton acquires Legg Mason for $4.5bn - Leaders League

LM BEN

Though Johnson claims that the move is about “offence, not defence”, the fact remains that this is another mid-size asset manager merger at a time when competition from passive funds has never been tougher. Both Franklin Templeton and Legg Mason, like many other asset managers, experienced negative investment flow from their funds in 2019. Franklin Templeton is based in San Mateo, California; Legg Mason is headquartered in Baltimore, a little closer to activist shareholder Trian Partners, which holds a 4.5% stake in the company. Franklin Templeton, which currently has $698 billion AUM in comparison with Legg Mason’s $803 billion, will gain exposure to new asset classes such as real estate, infrastructure and multi-asset solutions, as well as balancing its investment platform between institutional and retail client AUM.

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leadersleague.com
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Legg Mason (NYSE:LM) Upgraded to Sell by ValuEngine – Enterprise Echo

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Finally, Keefe, Bruyette & Woods lowered shares of Legg Mason from an outperform rating to a market perform rating and set a $50.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. During the same period in the prior year, the company earned ($2.55) EPS. As a group, research analysts expect that Legg Mason will post 3.74 earnings per share for the current year. In related news, insider Legg Mason, Inc. acquired 49,554 shares of the business’s stock in a transaction dated Wednesday, February 5th.

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enterpriseecho.com
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‘A pretty good deal’: Inside Franklin's $4.5bn Legg Mason acquisition

LM BEN

Franklin Templeton is buying rival Legg Mason in a move that will create the world’s sixth largest asset manager with a total of $1.49tn in assets under management. As of the end of 2019, Franklin had $698bn, while Legg had $804bn. It will pay $4.5bn for all this, in an all-cash deal which values Legg at $50 a share, a 23% premium on the firm’s share price from Friday, February 14. Another reason for the deal is that standing still is not really an option for either firm in the face of significant headwinds caused by the popularity, price and performance of passive investing. As with many active managers, it has been a tough time for Franklin and Legg. For the last year, up to January 31, Franklin had $26bn of outflows from its US mutual funds and ETFs, according to data from Morningstar Direct. The deal sees Franklin Templeton and Legg Mason join the likes of Janus Henderson and Invesco Oppenheimer in the pantheon of recent asset management mega-mergers. While no two deals are the same, the jury is still out the success of the ones mentioned above. As alluded to earlier in this article, Invesco suffered significant outflows last year following its acquisition of OppenheimerFunds.

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citywireselector.com
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Tuesday, February 18


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Trian to Make $70 Million in Nine Months on Legg Mason Bet

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(Bloomberg) -- Billionaire Nelson Peltz stands to make about $266 million over the past decade on two separate investments in Legg Mason Inc., after the asset manager agreed to be acquired Tuesday. In all, Trian stands to make a healthy 55% return on its $128 million investment this time around, the data show. Those profits add to the roughly $196 million in gains Trian made off of its last investment in Legg Mason between 2009 and 2016. For five of those years, Peltz was on the board, and the investment yielded a 61% return before Trian sold its remaining stake in Legg Mason to the Singapore-based Shanda Group in April 2016. The investment firm said at the time that the three most important things for Legg Mason to focus on would be to reduce costs, drive revenue growth both organically and through acquisitions, and to improve profitability.

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finance.yahoo.com
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