State Treasurer State of Michigan decreased its position in Franklin Resources, Inc. (NYSE:BEN) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,560 shares of the closed-end fund’s stock after selling 700 shares during the period. State Treasurer State of Michigan’s holdings in Franklin Resources were worth $5,042,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. TrimTabs Asset Management LLC raised its position in shares of Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock worth $126,000 after buying an additional 1,408 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Franklin Resources during the first quarter worth about $193,000. Global X Management Co. LLC raised its stake in shares of Franklin Resources by 7.9% in the first quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after buying an additional 337 shares during the period. Investment Centers of America Inc. purchased a new stake in shares of Franklin Resources during the first quarter valued at $201,000. Finally, Mogy Joel R Investment Counsel Inc. purchased a new stake in shares of Franklin Resources during the first quarter valued at $202,000. Institutional investors own 45.68% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) traded down 0.55% on Friday, reaching $41.83. The company had a trading volume of 1,796,698 shares. Franklin Resources, Inc. has a 12 month low of $33.02 and a 12 month high of $47.65. The stock has a market capitalization of $23.33 billion, a price-to-earnings ratio of 13.61 and a beta of 1.73. The firm has a 50 day moving average price of $44.83 and a 200-day moving average price of $42.99.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the company earned $0.77 EPS. Analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
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Several analysts have recently weighed in on the company. BidaskClub lowered Franklin Resources from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a report on Thursday, August 3rd. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. UBS AG restated a “neutral” rating and issued a $45.00 price objective (down previously from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Finally, Wells Fargo & Company lowered Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price objective for the company. in a report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. Franklin Resources has a consensus rating of “Hold” and an average target price of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 21.60% of the company’s stock.
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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