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Last $48.55 USD
Change Today +0.28 / 0.58%
Volume 727.1K
LM On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 1:15 PM 07/30/15 All times are local (Market data is delayed by at least 15 minutes).

legg mason inc (LM) Key Developments

Legg Mason Mulls Acquisitions

Legg Mason Inc. (NYSE:LM) is looking for acquisitions. Chief Executive Officer, Joseph A. Sullivan said that Legg, through buying prospects, has righted the ship, which could lead to future acquisitions. Regarding acquisition, he stated, “Our (mergers and acquisitions) pipeline is as robust as it's ever been. That's, I think, an indication of two things. One is the environment, where there's a lot of properties coming up and a lot of managers coming up. We expect to see continuing consolidation in the industry.”

Legg Mason Inc., Annual General Meeting, Jul 28, 2015

Legg Mason Inc., Annual General Meeting, Jul 28, 2015., at 10:00 US Eastern Standard Time. Location: 100 International Drive, 4 Floor Conference Center. Agenda: To consider election of 11 directors named in the proxy statement for a one year term; to consider an advisory vote to approve the compensation of Legg Mason’s named executive officers; to consider ratification of the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for the fiscal year ending March 31, 2016; and to consider any other matter that may properly come before the meeting or any adjournment thereof.

Legg Mason Inc. Presents at Morgan Stanley Financials Conference 2015, Jun-09-2015 10:55 AM

Legg Mason Inc. Presents at Morgan Stanley Financials Conference 2015, Jun-09-2015 10:55 AM. Venue: The Waldorf-Astoria Hotel, 301 Park Avenue at 50th Street, New York City, New York, United States. Speakers: Joseph A. Sullivan, Chairman of the Board of Directors, Chief Executive Officer, President and Member of Finance Committee.

Legg Mason Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended March 31, 2015; Provides Tax Rate Guidance for the First Quarter and Full Year of Fiscal 2015

Legg Mason Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended March 31, 2015. For the quarter, the company reported net income attributable to the company of $83.0 million, or $0.73 per diluted share, as compared to $77.0 million, or $0.67 per diluted share, in the previous quarter, and $68.9 million, or $0.58 per diluted share, in the fourth quarter of fiscal 2014. Adjusted income was $117.9 million, or $1.03 per diluted share, as compared to $113.1 million, or $0.98 per diluted share, in the previous quarter and $103.5 million, or $0.86 per diluted share, in the fourth quarter of fiscal 2014. For the current quarter, operating revenues were $702.3 million, down 2% from $719.0 million in the prior quarter, and up 3% compared to $681.4 million in the fourth quarter of fiscal 2014. The company reported operating income of $129.0 million compared to $119.3 million and income before income tax provision of $126.8 million compared to $111.9 million for the last year. For the year, the company reported net income attributable to the company of $237.1 million, or $2.04 per diluted share, as compared to $284.8 million, or $2.33 per diluted share, for fiscal year 2014. Adjusted was $378.8 million, or $3.26 per diluted share, as compared to $417.8 million, or $3.41 per diluted share for fiscal year 2014. Operating revenues for fiscal year 2015 were $2.8 billion, up 3% from $2.7 billion for fiscal year 2014. The company reported operating income of $498.2 million compared to $430.9 million and income before income tax provision of $368.0 million compared to $419.6 million for the last year. Next quarter, the company is anticipating that its tax rate will be favorably impacted by a recently legislated change in the New York City apportionment rules that will reduce its fiscal first quarter taxes by approximately $10 million to $20 million. Excluding this item, the company expects its GAAP tax rate for the full fiscal year to be between 35% and 37%. And for next fiscal year, the company expects a cash tax rate of 4% to 5%.

Legg Mason Inc. Declares Quarterly Cash Dividend, Payable on July 13, 2015

The Board of Directors of Legg Mason Inc. has declared a quarterly cash dividend on the company's common stock in the amount of $0.20 per share. This represents an increase of 25% on the dividend rate paid on shares of the company's common stock during the prior fiscal quarter. The dividend is payable July 13, 2015 to shareholders of record at the close of business on June 16, 2015.

 

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Industry Analysis

LM

Industry Average

Valuation LM Industry Range
Price/Earnings 23.4x
Price/Sales 1.9x
Price/Book 1.2x
Price/Cash Flow 22.0x
TEV/Sales 1.1x
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