Bessemer Group Inc. cut its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 1.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 73,773 shares of the closed-end fund’s stock after selling 1,263 shares during the period. Bessemer Group Inc.’s holdings in Franklin Resources were worth $3,304,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in BEN. Vanguard Group Inc. boosted its stake in shares of Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after buying an additional 1,337,903 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock worth $889,973,000 after buying an additional 19,839,472 shares during the last quarter. Kiltearn Partners LLP boosted its stake in shares of Franklin Resources by 2.9% in the first quarter. Kiltearn Partners LLP now owns 6,068,600 shares of the closed-end fund’s stock worth $255,731,000 after buying an additional 169,000 shares during the last quarter. FMR LLC boosted its stake in shares of Franklin Resources by 2.3% in the first quarter. FMR LLC now owns 5,340,482 shares of the closed-end fund’s stock worth $225,047,000 after buying an additional 121,316 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Franklin Resources by 3.2% in the first quarter. Geode Capital Management LLC now owns 3,529,852 shares of the closed-end fund’s stock worth $148,544,000 after buying an additional 109,308 shares during the last quarter. 45.68% of the stock is owned by institutional investors and hedge funds.
Shares of Franklin Resources, Inc. (NYSE BEN) traded down 0.55% on Friday, reaching $41.83. 1,796,698 shares of the company’s stock traded hands. The firm has a market capitalization of $23.33 billion, a price-to-earnings ratio of 13.61 and a beta of 1.73. The company has a 50 day moving average price of $44.83 and a 200 day moving average price of $42.99. Franklin Resources, Inc. has a 52 week low of $33.02 and a 52 week high of $47.65.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting analysts’ consensus estimates of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the firm earned $0.77 EPS. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities research analysts predict that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
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BEN has been the subject of a number of research reports. Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Wells Fargo & Company cut shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a report on Monday, July 24th. Citigroup Inc. reissued a “neutral” rating and set a $43.00 price target (up from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.60% of the stock is owned by insiders.
Franklin Resources Company Profile
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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