Activist hedge fund Marcato Capital Management on Tuesday unveiled a new target when it said it now owns roughly 6 million shares in brokerage firm LPL Financial Holdings Inc.

The San Francisco-based fund, run by Richard McGuire, said in a regulatory filing that it now owns 6.3 percent of the company, one of the country's largest independent broker dealers. Marcato invests roughly $3.5 billion in assets.

In the filing the McGuire said he feels the company's shares are undervalued and that he may discuss the company's capital structure and capital allocation with management.

LPL's stock price jumped as much as 7 percent on news that Marcato, which has also pressed Sotheby's and Bank of New York Mellon Corp to perform better, had scooped up 6.04 million shares.

Gains were trimmed later however, leaving the stock price up roughly 3.4 percent at $41.55. Since the start of the year, shares in the company, which has offices in Boston, Charlotte, N.C. and San Diego, have dropped 6 percent.

LPL has faced regulatory scrutiny in the last year and in May paid $11.7 million to the Financial Industry Regulatory Authority to settle charges of lax surveillance of trading in customer accounts.

McGuire did not immediately respond to a request for comment.