The Baltimore-based Legg Mason, Inc. (NYSE:LM) reported on Tuesday that Mark R. Fetting would resign as chairman and chief executive officer after failing to finish around 5 years of client drops.
Legg Mason, the money manager under pressure from activist investor Nelson Peltz, reported in a statement on Tuesday that Fetting would quit on Oct 1, two months before a standstill deal with Peltz expires.
Global distribution Chief Joseph A. Sullivan will turn interim Chief Executive Officer while the board searches for a permanent successor and direct independent director W. Allen Reed would become non-executive chairman.
Fetting has fought to finish client withdrawals and overturn a 65% drop in the corporation’s share price since he was picked as Chief Executive Officer in 2008.
Shifting reader’s focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Affiliated Managers Group, Inc. (NYSE:AMG) fell -0.09% to settle at $121.25, Westwood Holdings Group, Inc. (NYSE:WHG) moved down -0.16% to end at $37.42 while Pzena Investment Management, Inc. (NYSE:PZN) jumped +1.38% to finish at $5.13 on Tuesday.
Legg Mason, Inc. (NYSE:LM) on Sep 11, 2012 increased 5.42% to the closing price of $26.85. The overall volume during the last trading session was 5.13 million shares. Its fifty two week range was $22.36 – $29.56. The total market capitalization remained at $3.63 billion.
LM is ahead of its 52 week low with 20.62% and lagging behind from its 52 week high price with -8.54%. LM’s last month stock price volatility remained 2.16%. In its share capital LM has 135.06 million outstanding shares, among them 134.37 million shares have been floated in market exchange. LM’s stock’s institutional ownership remained 87.32% while insider ownership included 0.76%.
The stock price of LM is moving forward from its 20 days moving average with +5.96% and remote positively from 50 days moving average with +4.82%. LM’s current year earnings per share experienced a downfall of -5.68% while its current quarter performance remained at +5.54%. Company’s beta coefficient included 1.77. Beta factors measure the amount of market risk associated with market trade.
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