Nelson Peltz's firm raised its stake in Legg Mason Inc (LM.N), a securities filing shows, but it remains below the 9.9 percent ownership ceiling to which the activist investor agreed when he joined the board of the Baltimore asset manager in 2009. A filing dated Aug. 3 by Peltz's Trian Fund Management L.P. says the company or its affiliates own 13.9 million shares of Legg Mason, or 9.4 percent of the company. In June 2010 Trian reported owning 11.1 million shares, or 6.8 percent. Peltz has pressed for changes at companies whose shares he owns. On Thursday, another company whose shares he owns, Kraft Foods Inc (KFT.N), said it plans a spin-off of its North American grocery business. Peltz has not said if he has sought changes at Legg Mason, which began restructuring last year. As a board member of Legg Mason, Peltz agreed to cap his stake at 9.9 percent until 2013.
Legg Mason, Inc. (Legg Mason) is a holding company. Shares of LM fell by 3.79% or $-1.1/share to $27.96. In the past year, the shares have traded as low as $24.94 and as high as $37.82. On average, 1967080 shares of LM exchange hands on a given day and today's volume is recorded at 3282748.
Kraft Foods Inc. (Kraft Foods) manufactures and markets packaged food products, including biscuits, confectionery, beverages, cheese, convenient meals and various packaged grocery products. Shares of KFT traded higher by 0.63% or $0.215/share to $34.52. In the past year, the shares have traded as low as $28.85 and as high as $36.02. On average, 9064560 shares of KFT exchange hands on a given day and today's volume is recorded at 45911204.
