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Last $44.75 USD
Change Today -0.37 / -0.82%
Volume 1.2M
LM On Other Exchanges
New York
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

legg mason inc (LM) Snapshot

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52 Week High
02/18/15 - $59.19
52 Week Low
08/24/15 - $40.60
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legg mason inc (LM) Details

Legg Mason, Inc. is a publicly owned asset management holding company. The firm provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles through its wholly owned subsidiaries. Legg Mason, Inc. was founded in 1899 and is based in Baltimore, Maryland.

2,982 Employees
Last Reported Date: 05/22/15
Founded in 1899

legg mason inc (LM) Top Compensated Officers

Chairman, Chief Executive Officer, President ...
Total Annual Compensation: $4.7M
Chief Financial Officer and Member of Executi...
Total Annual Compensation: $1.9M
Head of Global Distribution and Executive Vic...
Total Annual Compensation: $2.6M
Head of Business Development, Executive Vice ...
Total Annual Compensation: $1.7M
Head of M&A and Business Development
Total Annual Compensation: $1.1M
Compensation as of Fiscal Year 2015.

legg mason inc (LM) Key Developments

Legg Mason, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2015; Provides Tax Rate Guidance for the Fiscal Second Quarter and Full Year 2016

Legg Mason Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2015. For the quarter, the company reported net income attributable to the company of $94.5 million, or $0.84 per diluted share, as compared to net income of $72.2 million, or $0.61 per diluted share, in the first quarter of fiscal 2015. Included in this quarter's results was a non-cash tax benefit of $18.0 million, or $0.16 per diluted share, resulting from an increase in the value of the company's deferred tax assets, primarily due to changes in the New York City tax code. Adjusted income was $129.3 million, or $1.14 per diluted share, as compared to $107.2 million, or $0.91 per diluted share, in the first quarter of fiscal 2015. Operating revenues were $708.6 million, up 2% compared to $693.9 million in the first quarter of fiscal 2015. Operating income was $124.543 million against $119.546 million a year ago. Income before income tax provision was $120.029 million against $114.268 million a year ago. Operating income, as adjusted was $126.515 million against $125.093 million a year ago. At a high level, the company's revenues increased primarily due to an additional day in the quarter and a 1% increase in average long-term AUM, which more than offset lower performance fees. The company's earnings benefited from some onetime tax items, mainly related to New York City tax code changes, which collectively contributed approximately $18 million or $0.16 per share to quarterly results. The tax outlook for the second quarter is a return to a GAAP effective rate of approximately 36%. And as the company has consistently highlighted, the company's actual cash tax rate continues to run at a substantially lower level than the company's GAAP rate. The company expects margin to improve next quarter as these costs abate And for the full fiscal year 2016, the company expects a cash tax rate of 5%. This lower cash rate is anticipated to last at least through the end of this decade based on current estimates. .

Legg Mason Inc. Declares Quarterly Cash Dividend, Payable on October 26, 2015

Legg Mason Inc. declared a quarterly cash dividend on the Company's common stock in the amount of $0.20 per share. The dividend is payable October 26, 2015 to shareholders of record at the close of business on October 8, 2015.

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.”


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Valuation LM Industry Range
Price/Earnings 19.8x
Price/Sales 1.7x
Price/Book 1.1x
Price/Cash Flow 18.8x
TEV/Sales 1.0x

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