stocktrademan
10 years ago
$LM DD Notes ~ http://www.ddnotesmaker.com/LM
bullish
buy low
$LM recent news/filings
## source: finance.yahoo.com
Thu, 11 Sep 2014 13:40:02 GMT ~ Legg Mason August AUM Swings Up; Strong Inflows Recorded
read full: http://finance.yahoo.com/news/legg-mason-august-aum-swings-134002921.html
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Wed, 10 Sep 2014 11:55:00 GMT ~ Legg Mason Reports Assets Under Management and Flows For August 2014
[PR Newswire] - BALTIMORE, Sept. 10, 2014 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) reported preliminary assets under management of $711 billion as of August 31, 2014. This month's AUM included fixed income inflows ...
read full: http://finance.yahoo.com/news/legg-mason-reports-assets-under-115500770.html
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Fri, 05 Sep 2014 17:03:00 GMT ~ 3 Stocks Dragging In The Financial Services Industry
read full: http://www.thestreet.com/story/12868980/1/3-stocks-dragging-in-the-financial-services-industry.html?puc=yahoo&cm_ven=YAHOO
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Tue, 02 Sep 2014 12:58:00 GMT ~ Legg Mason Hosts Investor Day 2014
[PR Newswire] - BALTIMORE, Sept. 2, 2014 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) will hold its 2014 Investor Day on Wednesday, September 10, 2014 from approximately 12:00 p.m. to 5:15 p.m. EDT. The day will begin ...
read full: http://finance.yahoo.com/news/legg-mason-hosts-investor-day-125800262.html
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Wed, 27 Aug 2014 15:06:00 GMT ~ Western Asset Middle Market Income Fund Inc. Raises $327 Million for its Initial Public Offering
[PR Newswire] - NEW YORK, Aug. 27, 2014 /PRNewswire/ -- Western Asset Middle Market Income Fund Inc. (NASDAQ: XWMFX or the "Fund") announced today that pricing has been completed for its initial public offering. The Fund raised gross proceeds of approximately $327 million in its common stock offering. The Fund is a newly organized non-diversified, non-traded limited term closed-end investment management company and is advised by Legg Mason Partners Fund Advisor, LLC and subadvised by Western Asset Management Company ("Western Asset"), both of which are wholly owned subsidiaries of Legg Mason, Inc. ("Legg Mason"). BofA Merrill Lynch ("Merrill Lynch") and Morgan Stanley & Co. LLC ("Morgan Stanley") acted as dealers in connection with the Fund's initial public offering.
read full: http://finance.yahoo.com/news/western-asset-middle-market-income-130600740.html
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$LM charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$LM company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/LM/company-info
Ticker: $LM
OTC Market Place: Not Available
CIK code: 0000704051
Company name: Legg Mason, Inc.
Company website: http://www.leggmason.com
Incorporated In: MD, USA
Business Description:
$LM share structure
## source: otcmarkets.com
Market Value: $5,881,094,942 a/o Sep 19, 2014
Shares Outstanding: 115,815,182 a/o Jul 31, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.1
$LM extra dd links
Company name: Legg Mason, Inc.
Company website: http://www.leggmason.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/LM/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/LM/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=LM+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=LM+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=LM+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/LM/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/LM/news - http://finance.yahoo.com/q/h?s=LM+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/LM/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/LM/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/LM/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/LM/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/LM/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/LM/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/LM/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/LM/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=LM+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/LM
DTCC (dtcc.com): http://search2.dtcc.com/?q=Legg+Mason%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Legg+Mason%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Legg+Mason%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.leggmason.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.leggmason.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.leggmason.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/LM/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/LM
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/LM/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/LM/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/LM/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000704051&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/LM/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/LM/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/LM/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/LM/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=LM&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=LM
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/LM/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=LM+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=LM+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=LM
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=LM
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=LM+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/LM/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=LM+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/LM.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=LM
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/LM/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/LM/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/LM/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/LM/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/LM
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/LM
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/LM:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=LM
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=LM
$LM DD Notes ~ http://www.ddnotesmaker.com/LM
MWM
16 years ago
Legg Mason
Tuesday Sep 23 2008 14:40
The share price of US fund manager Legg Mason (NYSE:LM) briefly bounced 28 per cent on Monday even as the company angrily denied a tabloid report that it was planning to go private and sell off subsidiaries. Shareholders and some managers at the beleaguered firm may be wishing it were true.
In a lousy market for asset management, Legg Mason has done particularly poorly, sinking by 54 per cent over the past year. It reported the first quarterly loss in its 25-year history as a public company in January, replacing founder "Chip" Mason as chief executive, and now trades at a mere 0.82 times book value. Four competitors trade at an average price to book of 3.3 times while their prospective price to earnings ratios are two-thirds higher and their market value to assets under management about four times as high.
Bill Miller, once the firm's star fund manager, has gone from being a huge asset to someone now notorious for some uncharacteristically ill-judged bets on Freddie Mac, Countrywide, Bear Stearns and others. The only man to beat the S&P 500 15 years straight has seen his main fund's assets decline from $21bn at their peak last June to less than half that.
An even bigger problem has been Legg Mason's ailing money market funds. Though it has not "broken the buck", as one competitor did recently, a number of them needed to be bailed out by the parent with a total of $2.7bn committed to the effort so far. Rating agency Moody's put the company on watch for downgrade as a result.
Still, it has many great brand names untarnished by the parent's woes and competitors covet the roughly $900bn it manages. A deal would be complicated by revenue-sharing agreements for the numerous firms it acquired when times were good, but one silver lining for any buyer amid the financial carnage is that retaining talent has become a bit easier.
MWM
16 years ago
Legg denies it's going private, stock falls
Monday September 22, 3:17 pm ET
By Muralikumar Anantharaman
BOSTON (Reuters) - U.S. asset manager Legg Mason Inc (LM - News) denied on Monday a published report that it plans to go private to escape a worsening credit crisis.
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Legg Mason's shares fell as much as 12 percent on Monday in a weak overall market, signaling that investors did not rate the chances of the second-biggest publicly traded U.S. asset manager going private as being high.
"While we don't normally comment on market rumors, in this uncertain time we want to be clear that The New York Post story is not true and Legg Mason's strategy has not changed," Legg Mason spokeswoman Mary Athridge said.
The Post quoted sources familiar with the situation as saying Legg had been weighing a move that could see one or more private equity investors, including Kohlberg Kravis Roberts & Co (KKR.UL), buy it and spin off many of its numerous funds.
A KKR spokeswoman declined to comment on the Post story.
KKR pumped in $1.25 billion into Legg Mason in January through convertible notes, which yield 2.5 percent and can be converted into Legg stock at $107.46 a share.
An analyst at a Washington, D.C.-based hedge fund, which owns Legg shares, told Reuters it was unlikely that KKR would want to raise its exposure to Legg, given that the drop in Legg's stock price had hurt its initial investment.
Moreover, management owned only a small stake in the firm -- less than 3 percent -- reducing the incentive to take the company private, the analyst, who did not want to be identified, said.
Jean-Marie Eveillard, portfolio manager of First Eagle Funds, which owns $100 million of Legg shares, said the stock's drop on Monday suggested investors did not believe the going-private story.
"Money management is a very good business model, so I'm not surprised that there would be a rumor that they are trying to go private," Eveillard said.
Legg Mason shares are among the worst performers in the sector this year -- down 48 percent -- hurt by the exposure of its money-market funds to toxic debt securities and the poor performance of its top money managers, including Bill Miller.
Only last week, Legg said it will pump an additional $630 million into its money market funds, which have been hit by declining values of holdings of asset-backed commercial paper. Credit Suisse cut its earnings estimates for Legg and price target on the stock to $40 from $42 following the announcement.
Legg has spent $1.1 billion to shore up its money-market funds since late 2007 and posted net losses in its two most recent quarters because of charges taken.
Miller, once considered the best stock picker in America, has had a miserable 2008, with the flagship Legg Mason Value Trust fund down 32 percent through Friday's close because of its big bets on financial stocks.
The fund's size had also dropped to $9.7 billion as of the end of June from $16.5 billion at the start of 2008. Institutional investors, such as the Massachusetts pension fund, have bailed out from Miller's fund due to the underperformance. Legg also recently lost a mandate from the pension fund representing Baltimore's police and firefighters.
"Legg Mason is not one of our large holdings, but it is a holding which I am not proud of because the stock has come down," said Eveillard of First Eagle Funds.
Legg managed $922.8 billion of assets as of the end of June. Its shares were down $2.20 at $38.25 in afternoon trade on the News York Stock Exchange.
(Editing by John Wallace and Bernard Orr)
MWM
16 years ago
Sell Block: Legg's Still Broken
Posted By:Tom Brennan
Back in early January, Cramer put Legg Mason in the Sell Block, saying the firm’s legendary money manager Bill Miller had lost his touch. But the Mad Money host felt the need to reiterate that call Thursday given some recent events.
Turns out Legg Mason [LM 41.64 -1.11 (-2.6%) ] owned 12% of Freddie Mac [FRE 0.59 -0.07 (-10.61%) ]. In fact, LM was the failed mortgaged giant’s largest shareholder. Cramer wondered why such the “legendary” Bill Miller couldn’t see the collapse coming, the inevitable intervention by the government and what that would do to the common stock.
Miller made some other big mistakes, too, namely owning positions in Bear Stearns, Countrywide, Thornburg Mortgage [TMA 0.41 -0.01 (-2.38%) ] and Washington Mutual [WM 2.83 0.51 (+21.98%) ]. The last two are trading at 41 cents and $2.83, respectively.
Then there are his positions in Yahoo! [YHOO 18.55 0.85 (+4.8%) ] (Miller was against the merger, by the way), Qwest [Q 3.65 -0.08 (-2.14%) ], Eastman Kodak [EK 15.52 0.40 (+2.65%) ], AIG [AIG 17.55 0.05 (+0.29%) ] and Sprint-Nextel [S 7.14 -0.13 (-1.79%) ], which are down 50%, 59%, 44%, 77% and 59%, respectively.
If Ben Bernanke knew nothing, Cramer said, but “compared to Bill Miller, Bernanke’s a veritable Einstein.”
Legg Mason also was overexposed to those structured investment vehicles, the same mortgage-related securities that had even the highest-ranked financiers confused. The company said it still has $3.5 billion in SIVs, and $3.1 billion in cash, so it doesn’t need to raise anymore cash. But Cramer was pretty sure he’d heard that one before, and very recently.
Now, after all this, customers are taking their money and investing it elsewhere. Legg reported $18 billion in negative cash flow last quarter. Not good for a company that makes its money by taking a cut of the total assets it manages. Legg’s $923 billion is down 3% from the previous quarter and 7% from the previous year. And Cramer’s thinking it only gets worse once everyone finds out Legg owned so much Freddie Mac.
Just so you don’t think the overall market conditions are the problem here, let’s compare T. Rowe Price [TROW 58.08 -0.07 (-0.12%) ] versus Legg Mason during this same time period. As far back as Feb. 2, 2007, Cramer told viewers to switch out of Legg for TROW. Since then TROW’s up 21% and Legg is down 60%. Remember that $18 billion in cash outflow at Legg last quarter? TROW saw an inflow of 2%.
So again, Cramer recommended that, if you want to own an asset manager, you switch into TROW.
“When good money managers go bad,” Cramer said of Legg Mason’s Bill Miller, “don’t hope the glory days will come back. Just get out of dodge.”
MWM
16 years ago
In May 2008, Legg Mason issued $1.15 billion of Equity Units for net proceeds of approximately $1.11 billion. Each unit consists of a 5% interest in $1,000 principal amount of 5.6% senior notes due June 30, 2021 and a purchase contract committing the holder to purchase shares of Legg Mason’s common stock for $50 per share by June 30, 2011. The holders’ obligations to purchase shares of Legg Mason’s common stock are collateralized by their pledge of the notes. Holders will also receive quarterly contract adjustment payments (“CAP”) at an annual rate of 1.4%. The present value of the CAP obligation of $45.8 million is included in Other liabilities on the Consolidated Balance Sheet at June 30, 2008 and was recorded by a reduction to Additional paid-in capital. Each purchase contract obligates Legg Mason to sell a number of newly issued shares of common stock that are based on a settlement rate, as defined. The settlement rate is 0.7401 shares of Legg Mason common stock, subject to adjustment, for each Equity Unit if the applicable market value of Legg Mason common stock is at or above $67.56. The settlement rate is 0.8881 shares of Legg Mason common stock, subject to adjustment, for each Equity Unit if the applicable market value of Legg Mason common stock is at or below $56.30. If the applicable market value of Legg Mason common stock is between $56.30 and $67.56, the settlement rate will be a number of shares of Legg Mason common stock equal to $50 divided by the applicable market value. The maximum number of shares that may be issued, subject to adjustment, is 20.4 million. Legg Mason has the option to remarket the notes beginning December 27, 2010, and is required to attempt to remarket the notes by June 30, 2011. Upon a successful remarketing, the interest rate and maturity date of the senior notes will be reset. If such remarketing is not successful, during this period, the note holders can put their notes at par to Legg Mason upon the settlement of the purchase contracts. Further, notes not redeemed by June 30, 2013, can be called at par by Legg Mason.
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