Puts Purchased on Legg Mason

Shares of Legg Mason LM are lower on the session by 1.81%, currently trading at $27.18. The stock has been moving largely lower over the past five weeks and is currently trading below the 50-day moving average. Options traders are buying puts on the name today. A short while ago the August 2011 $31.00 put traded 1,800 times on open interest of 2,160 contracts. Overall put volume is now running at 2.91x the daily average with 100% of all puts traded being purchases on the offer. Legg Mason, Inc. is a holding company. Acting through its subsidiaries, the company provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles.