Legg Mason's Stock Hit A New 52-Week Low On Friday

Shares of

hit a new 52-week low of $29.60 on Friday after the company reported its third quarter results and confirmed a series of strategic investments and acquisitions. Legg Mason reported that it earned $1.45 per share on revenue of $659.56 million during the third quarter. Wall Street analysts were expecting the company to earn $0.70 per share on revenue of $683.53 million. Legg Mason also reported a net loss of $138.6 million compared to a net income of $64.3 million in the same quarter a year ago. "Our operating results for the quarter reflected a challenging period for asset management firms, and included a negative impact from a significant non-cash impairment charge," Joseph A. Sullivan, Chairman and CEO of Legg Mason said. "While quarterly long-term flows were negative in the aggregate, we generated another quarter of positive fixed income flows despite industry net outflows in active taxable fixed income. Equity flows remained challenged, consistent with industry trends, exacerbated by capital gains distributions and year-end tax selling."

Legg Mason also reported the following strategic investments and acquisitions: 1. Legg Mason