In a regulatory filing, Fidelity Investments revealed that it now owns 3.4 million shares of Martha Stewart Living Omnimedia Inc. (MSO), making it the largest shareholder of the company, surpassing Mazama Capital Management. It now owns 13 percent of the company. As of last December they had held a 6 percent stake in the company.
Fidelity is the world's largest mutual company, managing $1.4 trillion in assets.
Investors had abandoned the company after founder Martha Stewart was sent to jail. They have now started to return to the company under the leadership of CEO Susan Lyne.
As a result the company has increased their forecast for 2007 with operating income now projected to be $12.5 million. Last year they suffered a loss of $2.8 million in operating income.
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