Last $57.92 USD
Change Today -0.16 / -0.28%
Volume 381.2K
LM On Other Exchanges
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As of 6:40 PM 03/3/15 All times are local (Market data is delayed by at least 15 minutes).

legg mason inc (LM) Key Developments

ClearBridge Investments, LLC, Legg Mason Inc. - Special Call

To provide an update on the energy master limited partnership market and outlook

Legg Mason In Talks To Acquire Non-US Targets

Joe Sullivan, Chief Executive Officer of Legg Mason Inc. (NYSE:LM), said the firm is in talks to buy two businesses that are both not based in the US. With seven existing core affiliates, Sullivan said Legg Mason is looking to acquire firms to add to its alternatives capability. "We are still active in discussions with a lot of different parties on the acquisition front. We will do those if and as they make sense."

Legg Mason Inc. Provides Tax Rate for the Fourth Quarter and Reaffirms Tax Rate for Fiscal 2015

Legg Mason Inc. provided tax rate for the fourth quarter and reaffirmed tax rate for fiscal 2015. The company still expect effective GAAP tax rate for the full year to be 35% to 37%. Actual cash tax rate continues to run at a substantially lower level than GAAP rate. Specifically for the fourth quarter and for the fiscal year, the company expects the cash tax rate in the 6% range.

Legg Mason Announces Cash Dividend, Payable on April 13, 2015

Legg Mason announced that it will pay a cash dividend on its stock of $0.16 per share, payable on April 13, 2015 to shareholders of record at the close of business on March 12, 2015.

Legg Mason Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014

Legg Mason Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. The company reported net income of $77.0 million, or $0.67 per diluted share, as compared to $4.9 million, or $0.04 per diluted share, in the previous quarter, and net income of $81.7 million, or $0.67 per diluted share, in the third quarter of fiscal 2014. Adjusted income for the third fiscal quarter was $113.1 million, or $0.98 per diluted share, as compared to $40.6 million, or $0.35 per diluted share, in the previous quarter and $124.6 million, or $1.03 per diluted share, in the third quarter of fiscal 2014. For the current quarter, operating revenues were $719.0 million, up 2% from $703.9 million in the prior quarter, and were relatively flat compared to $720.1 million in the third quarter of fiscal 2014. Operating revenues were up 2% from $703.9 in the prior quarter, primarily due to an increase in performance fees. Operating income was $119.368 million against $121.652 million a year ago. Income before income tax provision was $118.065 million against $125.955 million a year ago. Adjusted operating revenues were $571.685 million against $571.803 million a year ago. Adjusted operating income was $122.438 million against $137.970 million a year ago. For the nine months, the company reported total operating revenues of $2,116.760 million, operating income of $369.269 million, income before income tax provision of $241.158 million and net income attributable to company of $154.121 million or $1.32 per diluted share compared to total operating revenues of $2,060.361 million, operating income of $311.552 million, income before income tax benefit of $307.693 million and net profit attributable to company of $215.837 million or $1.75 per diluted share a year ago period. Adjusted income was $260.880 million or $2.23 per diluted share against $314.270 million or $2.55 per diluted share a year ago. Adjusted operating revenues were $1,666.037 million against $1,587.901 million a year ago. Adjusted operating income was $378.214 million against $342.486 million a year ago.

 

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Valuation LM Industry Range
Price/Earnings 30.2x
Price/Sales 2.3x
Price/Book 1.4x
Price/Cash Flow 28.5x
TEV/Sales 1.5x
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