Legg Mason Inc. (LM) has agreed to buy back $300 million of stock in accelerated share-repurchase deals, part of its $1 billion effort announced two weeks ago.A host of companies have been ramping up buyback efforts in recent months as the perceived need to hoard cash in the wake of the financial crisis recedes. Legg Mason's market value is slightly less than $5 billion.The money manager, when it announced the buyback effort, reported it swung to a fiscal fourth-quarter profit following a prior-year charge as the company said it will cut about 10% of its 3,500-person work force through back-office streamlining.
Shares were up 1% at $30.44 in early trading. The stock is up 64% the past year.
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