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What does LM stand for?

LM stands for Light Magnum (ammunition)

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We have 60 other meanings of LM in our Acronym Attic

Samples in periodicals archive:

You'll remember, though, that of the 11 loadings comprising the Light Magnum line, all were non-magnums, and of those many were in calibers not particularly noted for extracting every last fps available given the size of the case.
Light Magnum combines special powder design with advanced loading technology to transform standard rifle calibers into virtual magnums, while maintaining standard pressures and temperatures.
Winchester doesn't claim quite the velocity boost that Hornady and Federal do for their Light Magnum and High Energy lines, respectively, but their High Velocity offerings do offer significant gains over standard performance.