Barings LLC cut its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 71.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,035 shares of the closed-end fund’s stock after selling 36,800 shares during the quarter. Barings LLC’s holdings in Franklin Resources were worth $669,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of BEN. Commonwealth Bank of Australia raised its position in Franklin Resources by 16.0% in the third quarter. Commonwealth Bank of Australia now owns 89,833 shares of the closed-end fund’s stock worth $3,991,000 after acquiring an additional 12,416 shares in the last quarter. Wells Fargo & Company MN raised its position in Franklin Resources by 4.2% in the third quarter. Wells Fargo & Company MN now owns 1,136,090 shares of the closed-end fund’s stock worth $50,569,000 after acquiring an additional 45,695 shares in the last quarter. Zeke Capital Advisors LLC purchased a new position in Franklin Resources in the third quarter worth $319,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Franklin Resources by 5.2% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,760 shares of the closed-end fund’s stock worth $1,191,000 after acquiring an additional 1,322 shares in the last quarter. Finally, Achmea Investment Management B.V. raised its position in Franklin Resources by 37.3% in the third quarter. Achmea Investment Management B.V. now owns 87,759 shares of the closed-end fund’s stock worth $3,902,000 after acquiring an additional 23,828 shares in the last quarter. 44.77% of the stock is owned by hedge funds and other institutional investors.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at $44.62 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.75 and a current ratio of 8.75. The company has a market capitalization of $24,083.92, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.49 and a beta of 1.75. Franklin Resources, Inc. has a 52 week low of $38.93 and a 52 week high of $47.65.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Thursday, October 26th. The closed-end fund reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. Franklin Resources had a return on equity of 13.48% and a net margin of 26.54%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 earnings per share. research analysts expect that Franklin Resources, Inc. will post 2.92 EPS for the current year.
A number of brokerages have recently weighed in on BEN. ValuEngine cut Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Wells Fargo & Company dropped their price target on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, October 3rd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Thursday, October 12th. Finally, BidaskClub cut Franklin Resources from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $44.45.
In related news, Chairman Gregory E. Johnson sold 56,825 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the sale, the chairman now owns 2,047,273 shares of the company’s stock, valued at $87,684,702.59. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $42.95, for a total value of $17,180,000.00. The disclosure for this sale can be found here. 21.60% of the stock is owned by company insiders.
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About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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