The Dividend Daily

Asset manager Legg Mason, Inc. (LM) on Monday said that it has added billionaire activist investor Nelson Peltz to its board of directors, following Peltz’s investment firm’s purchase of a 4.3% stake in the company.

Pelt’z investment company, Trian Fund Management LP, also owns a stake in the Wendy’s (WEN) fast food chain, among other investments. Peltz also sits on the board of food products maker H.J. Heinz (HNZ).

Legg Mason shares rose 65 cents, or +2%, in premarket trading Monday.

The Bottom Line
We had removed LM from our “recommended” list last Sept.15, when the shares traded at $36.30. The company has a .38% dividend yield, based on Friday’s closing stock price of $31.90. The stock has technical support in the $25-$27 price area. If the shares can firm up, we see overhead resistance around the $35-$37 price levels. We would remain on the sidelines for now

Legg Mason, Inc. (LM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.