Legg Mason (NYSE:LM) reported a drop of 16.9% or 966,105 shares in its short interest. The short figure came in at 4.5% of the total floats. The average daily volume of 1,458,773 shares suggests that the days to cover 4,734,427 short positions, as on June 15,2016, will be 3. On May 31,2016, the short interest was 5,700,532 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Legg Mason (NYSE:LM): The stock opened at $29.67 on Friday but the bulls could not build on the opening and the stock topped out at $30.43 for the day. The stock traded down to $29.45 during the day, due to lack of any buying support eventually closed down at $29.49 with a loss of -9.57% for the day. The stock had closed at $32.61 on the previous day. The total traded volume was 2,813,246 shares.
The company shares have dropped -41.55% from its 1 Year high price. On Jun 30, 2015, the shares registered one year high at $53.17 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $32.28 and the 200 Day Moving Average price is recorded at $32.95.
Legg Mason (NYSE:LM) has tumbled 4.69% during the past week and has dropped 13.6% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 3.1%. Legg Mason (NYSE:LM) has underperformed the index by 10.98% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Legg Mason, Inc. is a holding company. Through its subsidiaries, the Company provides investment management and related services to institutional and individual clients, company-sponsored investment funds and retail separately managed account programs. The Company offers its products and services directly and through various financial intermediaries. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in numerous investment styles for institutional and individual investors. Its investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income, equity and alternative funds managed in a wide variety of investment styles. The Company also offers other domestic and offshore funds to both retail and institutional investors and funds-of-hedge funds. The Companys United States mutual funds consist of two groups of mutual and closed-end funds.