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| Wed, Feb. 18, 8:37 AM | Comment!
Tue, Feb. 10, 8:07 AM
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| 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
Oct. 30, 2014, 5:30 PM
Oct. 28, 2014, 8:47 AM
- "This appointment is in recognition of the strong business results and momentum achieved by Legg Mason (NYSE:LM)," says the company board, announcing the selection of CEO Joe Sullivan as Chairman of the Board.
- He replaces, effective immediately, Dennis Kass who has been chairman for just a little over a year. Kass remains on the board.
- Source: Press Release
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