Cwm LLC trimmed its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 6.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 603,501 shares of the closed-end fund’s stock after selling 40,000 shares during the quarter. Franklin Resources makes up approximately 1.2% of Cwm LLC’s investment portfolio, making the stock its 27th largest position. Cwm LLC owned about 0.11% of Franklin Resources worth $26,150,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Atria Investments LLC purchased a new stake in shares of Franklin Resources during the fourth quarter worth approximately $222,000. New England Research & Management Inc. increased its position in shares of Franklin Resources by 10.1% during the fourth quarter. New England Research & Management Inc. now owns 39,540 shares of the closed-end fund’s stock worth $1,713,000 after purchasing an additional 3,640 shares in the last quarter. RK Asset Management LLC increased its position in shares of Franklin Resources by 3.9% during the fourth quarter. RK Asset Management LLC now owns 171,902 shares of the closed-end fund’s stock worth $7,449,000 after purchasing an additional 6,524 shares in the last quarter. Pensionfund Sabic purchased a new stake in shares of Franklin Resources during the fourth quarter worth approximately $1,517,000. Finally, Pensionfund DSM Netherlands purchased a new stake in shares of Franklin Resources during the fourth quarter worth approximately $2,990,000. Hedge funds and other institutional investors own 44.80% of the company’s stock.
Several analysts have issued reports on BEN shares. ValuEngine upgraded Franklin Resources from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Thursday, January 11th. UBS Group upped their target price on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $46.00 target price on shares of Franklin Resources in a report on Wednesday, November 1st. Finally, Citigroup dropped their target price on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $44.45.
Shares of Franklin Resources, Inc. (NYSE BEN) traded up $0.59 during trading hours on Tuesday, reaching $44.53. The company’s stock had a trading volume of 1,996,200 shares, compared to its average volume of 2,480,411. The company has a current ratio of 8.75, a quick ratio of 8.75 and a debt-to-equity ratio of 0.08. The stock has a market cap of $24,600.00, a PE ratio of 14.79, a P/E/G ratio of 1.55 and a beta of 1.75. Franklin Resources, Inc. has a 12 month low of $39.38 and a 12 month high of $47.65.
Franklin Resources (NYSE:BEN) last issued its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.04. The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Franklin Resources had a return on equity of 13.48% and a net margin of 26.54%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.82 EPS. analysts predict that Franklin Resources, Inc. will post 3.15 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 26th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, December 22nd. This is a boost from Franklin Resources’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.07%. Franklin Resources’s dividend payout ratio is currently 30.56%.
In other news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jed A. Plafker sold 7,790 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $43.92, for a total value of $342,136.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 514,603 shares of company stock valued at $22,134,429. Company insiders own 22.20% of the company’s stock.
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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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