Activist investor Nelson Peltz has virtually reached the limit on his ownership stake of Baltimore-based Legg Mason Inc. after his latest stock purchase late last week.
Peltz bought an additional 790,000 shares of Baltimore-based Legg Mason Inc. on Aug. 4, according to a Securities and Exchange Commission document filed Monday. That's on top of 2.65 million shares of the Baltimore money manager he acquired between Aug. 1 and Aug. 3.
Peltz's New York-based Trian Fund Management LP now owns 14.7 million shares, or nearly 9.9 percent, of the company.
When Peltz was appointed to Legg's board in late 2009, he agreed to not accumulate more than 9.9 percent of Legg's stock until 2013.