Seeking Alpha

Legg Mason Inc. (LM)

  • Tue, Jan. 13, 9:37 AM
    • Previously rated Neutral, Legg Mason (LM +2%) is now a Buy at BAML, and previously a Buy, Franklin Resources (BEN +0.8%) is now a Neutral. The moves appear less valuation-based and more momentum-based as Legg Mason has been the far stronger performer over the past year.
    | Comment!
  • 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%
    | Comment!
  • 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.
    | Comment!
  • Jun. 4, 2014, 7:19 AM
    • Legg Mason Investment Counsel & Trust (LM) provides customized investment advisory and trust services to individuals and institutions, and has more than $9B in AUM. It will be integrated into Stifel's (SF) Global Wealth Management segment.
    • Terms of the deal weren't announced and it's expected to close this fall.
    • Legg Mason chief Joseph Sullivan: "This transaction continues to evolve our investment affiliate lineup toward fewer and larger firms that can be better leveraged through our global distribution platform."
    • LM +7% premarket
    • Source: Press Release
    | 1 Comment
  • Jan. 31, 2014, 12:35 PM
    • Reiterating their Underperform rating on Legg Mason (LM -2%), analysts David Chiaverini and Richard Fellinger, give the company kudos for improved long-term inflows, but reminds they were still flat on the quarter, negative on the year, and weaker than industry peers.
    • "Legg Mason is not as well positioned as peers to capture flows in an equity rotation scenario or rising interest rate environment," they write.
    • "While management remains focused on addressing its products gaps, including the recent hire of Thomas Hoops as head of business development, we believe it will take time before products can be developed/acquired that will meaningfully add to the flow picture.'
    • Earlier earnings coverage
    | Comment!
  • Jun. 12, 2013, 9:43 AM
    Legg Mason (LM -1.8%) stumbles after Goldman downgrades to Sell with $29 price target, citing poor investment performance, an unattractive asset mix, and lack of margin upside amid a stock valuation not as cheap as it was a few months ago.
    | Comment!
  • Mar. 5, 2013, 12:00 PM
    Legg Mason (LM +3.1%) pops as CFO Pete Nachtwey tells the Citi Financial Services Conference (presentation) the company could trim the number of funds it offers and its 32 offices. He cautions, however, not to expect a repeat of the major cuts made over the last few years.
    | Comment!
  • Feb. 1, 2013, 7:38 AM
    More on Legg Mason (LM) FQ3 earnings: AUM of $648.9B up 3% Y/Y. Client outflows of $7.5B during FQ3 offset by $5.7B in market performance. Adjusted operating margin of 19.8% vs. 21.2% in FQ2. Interim CEO: "We are disappointed with our results this quarter." The CEO search continues. Traders see something they like, shares +4.9% premarket. (PR)
    | Comment!
  • Jan. 10, 2013, 12:40 PM
    Legg Mason (LM +5.7%) pops on a report it's been approached by some senior managers and P-E firms about a buyout. The board turned away the feelers at least until the company has a new CEO, according to sources. Privatizing the company is easier said then done thanks to the high level of firm debt compared to industry peers.
    | Comment!
  • Sep. 11, 2012, 11:59 AM
    Investors cheer the departure of CEO Mark Fetting from Legg Mason (LM +5.6%) amid indications he was given a push through the door. Taking over in January 2008, Fetting was effective at cutting costs, but it is felt different leadership is needed as the company turns its focus to growth, according to CFO Pete Nachtwey.
    | Comment!
  • Jul. 27, 2012, 12:48 PM
    Shares of Legg Mason (LM -2%) swing lower after the company missed FQ1 estimates this morning. The asset manager posted double-digit revenue declines amid a smaller pool of assets under management and continued outflows of investor cash. The company has struggled with a dwindling asset base due to poor performance, having not seen any net inflows of investor funds since 2007.
    | Comment!
  • May 16, 2012, 12:01 PM
    Legg Mason (LM) plans to buy back $1.25B of convertible senior notes that KKR (KKR +0.4%) purchased in 2008. Legg Mason will take non-cash charge of $70M-$80M in FQ1 for the early extinguishment of the notes. The company also intends to repurchase $1B in shares. Shares +11.3%. (PR)
    | Comment!
  • Feb. 7, 2012, 10:04 AM
    The SEC soon will unveil a plan to stabilize money market funds, WSJ reports, requiring fund firms to set aside capital in reserve and placing restrictions on investors who wish to withdraw all their money at one time. Fund industry execs say the new rules could hurt returns and limit their ability to lend to corporations. FII -5.8%, SCHW -3.4%, LM -2.2%.
  • Oct. 13, 2011, 12:38 PM
    Macquarie adds to the drubbing in financials today after it downgrades a number of asset managers on a combination of deteriorating fundamentals and relative valuation: Legg Mason (LM -6.1%) is cut to Neutral, and Affiliated Managers (AMG -5.1%) and Pzena (PZN -6.6%) are both reduced to Underperform.
    | Comment!
  • Oct. 11, 2011, 3:51 PM
    Sterne Agee cuts 2012 profit estimates and ratings for some publicly traded asset managers due to market weakness and a much more challenging net flow environment in August than previously anticipated: Legg Mason (LM -0.7%) and Federated Investors (FII -2.26%) are both reduced to underperform (I, II).
    | Comment!
Visit Seeking Alpha's
LM vs. ETF Alternatives
Company Description
Legg Mason Inc is an asset management company. The Company through its subsidiaries provides related financial services to individuals, institutions, corporations and municipalities.
Sector: Financial
Country: United States