Amazon: Legg Mason Sharply Reduces Stake

Slowly but surely, Legg Mason has been easing out of its once gigantic stake in (AMZN), formerly a favorite stock of Legg Mason portfolio manager Bill Miller.

In a filing with the SEC yesterday, Legg disclosed that it now holds 9,592,126 Amazon shares, down from 24,280,422 shares in its previous filing in October. The latest sales reduce Legg Mason’s stake to 2.24 percent of Amazon’s outstanding shares.

The investment firm has been gradually paring back its shares over the last two years.

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