Puts Purchased on Legg Mason, Inc.

Shares of Legg Mason, Inc. LM are higher on the session by 2.21%, currently trading at $32.41. The stock has been moving largely lower over the past three months and is currently trading below the 200-day moving average. Options traders are buying puts on the name today. A short while ago the August 2011 $31.00 put was purchased 1,800 times, on the offer, on open interest of 240 contracts. Overall put volume is now running at 7.58x the daily average with 90% 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.