Nelson Peltz Increases Stake In Legg Mason (LM) To 5.3 Percent

Bloomberg reported that billionaire investor Nelson Peltz increased his stake in Legg Mason, Inc. (NYSE: LM) to 8.49 million shares.

A SEC filing noted that Peltz’s hedge-fund firm had purchased 822,830 shares of Legg Mason. The fund holds 5.3 percent of Legg Mason, compared to 4.3 percent as of November 27. Peltz joined the board of Legg Mason in October and is famous for pushing companies to increase their value by cutting costs or merging with rivals.