Tue, Mar. 24, 3:54 PM
- Buyback-happy U.S. firms are prohibited from repurchasing shares from about five weeks prior to releasing quarterly earnings to about 48 hours after those reports. These blackout periods, says Goldman, may offer an especially tasty time for investors to pick up shares of their favorites.
- "High valuations in the absence of corporate demand may weigh on stock prices," says Goldman's Amanda Sneider, and particular areas of focus are tech, consumer discretionary, and financials - they've accounted for more than 50% of buyback activity.
- Goldman's buyback blackout theme buys: SanDisk (NASDAQ:SNDK), Yahoo (NASDAQ:YHOO), Travelers (NYSE:TRV), Apple (NASDAQ:AAPL), Juniper Networks (NYSE:JNPR), Xerox (NYSE:XRX), Torchmark (NYSE:TMK), F5 Networks (NASDAQ:FFIV), Citrix Systems (NASDAQ:CTXS), Aon (NYSE:AON), Moody's (NYSE:MCO), VeriSign (NASDAQ:VRSN), Hartford Financial (NYSE:HIG), Ameriprise (NYSE:AMP), Corning (NYSE:GLW), Time Warner (NYSE:TWX), Seagate Technology (NASDAQ:STX), Viacom (NASDAQ:VIAB), Legg Mason (NYSE:LM), XL Group (NYSE:XL), DirecTV (NASDAQ:DTV), Allstate (NYSE:ALL), Nvidia (NASDAQ:NVDA), CBS (NYSE:CBS), Macy's (NYSE:M), Kohl's (NYSE:KSS).
Tue, Mar. 10, 8:09 AM
Wed, Feb. 18, 8:47 AM
- Calling Waddell & Reed (NYSE:WDR) "stuck in neutral," Jefferies downgrades to Neutral. The stock is a long way from stuck, having fallen by about one-third since hitting a multi-year high roughly 12 months ago.
- Making a pair trade out of it, the team upgrades the hot-handed Legg Mason (NYSE:LM) to Buy from Hold. That stock is a near double over the past year. Earlier today, the company announced its entry into the ETF market.
Wed, Feb. 18, 8:37 AM| Comment!
Tue, Feb. 10, 8:07 AM| Comment!
Fri, Jan. 30, 7:55 AM
- FQ3 adjusted net income of $113.1M or $0.98 per share vs. $124.6M and $1.03 one year ago.
- AUM of $709.1B up 4% Y/Y. Long-term net inflows of $8.8B during the quarter included fixed income inflows of $9.9B offset by equity outflows of $1.1B. Liquidity outflows of $10.6B.
- The board approves a new buyback program for up to $1B in stock, good for about 18.5M shares or 16% of the float at the current stock price.
- Percent of strategies beating the benchmark over 10-year period of 91%, 5-year 86%, 3-year 85%, 1-year 75%. Fixed income: 81% for 10-year, 75% 5-year, 75% 3-year, 77% 1-year. Equity: 66% 10-year, 52% 5-year. 56% 3-year. 53% 1-year.
- Conference call at 8 ET
- Previously: Legg Mason beats by $0.31, beats on revenue (Jan. 30)
- LM flat premarket
Fri, Jan. 30, 6:59 AM
Thu, Jan. 29, 5:30 PM
Tue, Jan. 13, 9:37 AM| Comment!
Tue, Jan. 13, 8:25 AM
Dec. 10, 2014, 11:23 AM
- Total end-of-November AUM of $707.4B vs. $719.5B in October, up from $679.5B at the start of the year.
- Equity AUM of $201.1B vs. $206.7B in October.
- Fixed income AUM of $367B vs. $368.5B in October and $360.4B in September (Bill Gross exited Pimco at the end of September).
- Source: Press Release
- LM -1.9%
Dec. 4, 2014, 10:19 AM
- In private-equity, Blackstone (BX +1.4%) and KKR & Co. (KKR +0.9%) post gains after being initiated with Overweight ratings, while Carlyle Group (CG -1%) and Oaktree Capital (OAK -0.5%) are started at Equal Weight.
- Moving onto traditional asset managers, Invesco (IVZ -0.5%) is rated Overweight, while T. Rowe Price (TROW -0.3%), Legg Mason (LM -1.5%), Franklin Resources (BEN -0.9%), and BlackRock (BLK -0.2%) are all started at Equal Weight.
Dec. 2, 2014, 7:34 AM
- Peltz has been a director for just over five years, presiding over senior management and board changes, big cost cuts, and more than $2B in capital returns to shareholders. His Trian fund continues to be an owner of 11.29% of Legg Mason's (NYSE:LM) shares. "We currently expect to remain an engaged shareholder for the foreseeable future."
- Source: Press release
Nov. 25, 2014, 5:03 PM
- Raising his earnings estimates for "the biggest beneficiaries," BlackRock (NYSE:BLK) and Legg Mason (NYSE:LM), Wells Fargo's Chris Harris, notes few assets followed Bill Gross to Janus (NYSE:JNS), but instead went to large fixed-income shops with strategies consistent with Gross' style.
- Harris says the 20%+ redemption rate for Gross' previously-managed funds is well below the 40-60% rate seen in cases of other high-profile PM departures, leading him to believe institutional withdrawals - slower to react - are likely to pick up. Competitors like BLK and LM are likely to see an incremental $80B of inflows over the next 8-10 months.
- Don't just focus on the Total Return Fund (MUTF:PTTAX), says Harris (it's lost $30B), noting $5B of redemptions at Pimco Low Duration (MUTF:PTLAX) and nearly $8B at Pimco Unconstrained Bond (MUTF:PUCPX).
Oct. 31, 2014, 8:56 AM
- FQ2 adjusted income of $40.6M or $0.35 per share vs. $107.2M and $0.91 in FQ1, $104.5M and $0.85 one year ago. A debt refinancing this quarter resulted in a $107.1M or $0.59 per share charge.
- Operating revenue of $703.9M up 1% Q/Q, up 5% Y/Y.
- AUM of $707.8B up 8% Y/Y.
- Equity fund performance: 51% beating on 1-year, 51% on 3-year, 47% on 5-year, 62% on 10-year. Fixed income fund performance: 77% beating on 1-year, 72% on 3-year, 78% on 5-year, 83% on 10-year.
- Previously: Legg Mason beats by $0.02, misses on revenue
- LM flat premarket
Oct. 31, 2014, 7:07 AM
LM vs. ETF Alternatives
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