Seaward Management Limited Partnership decreased its position in Franklin Resources, Inc. (NYSE:BEN) by 0.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,482 shares of the closed-end fund’s stock after selling 300 shares during the period. Seaward Management Limited Partnership’s holdings in Franklin Resources were worth $2,126,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Alpha Windward LLC raised its position in shares of Franklin Resources by 1.0% in the first quarter. Alpha Windward LLC now owns 5,921 shares of the closed-end fund’s stock worth $250,000 after buying an additional 57 shares in the last quarter. Creative Planning increased its stake in Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock worth $239,000 after buying an additional 98 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Franklin Resources by 0.3% in the first quarter. Mutual of America Capital Management LLC now owns 40,840 shares of the closed-end fund’s stock worth $1,721,000 after buying an additional 104 shares during the last quarter. Nicholas Hoffman & Company LLC. increased its stake in Franklin Resources by 0.9% in the first quarter. Nicholas Hoffman & Company LLC. now owns 13,835 shares of the closed-end fund’s stock worth $583,000 after buying an additional 130 shares during the last quarter. Finally, NGAM Advisors L.P. increased its stake in shares of Franklin Resources by 0.6% in the second quarter. NGAM Advisors L.P. now owns 25,308 shares of the closed-end fund’s stock valued at $1,134,000 after buying an additional 148 shares in the last quarter. Hedge funds and other institutional investors own 45.68% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) traded down 0.55% during trading on Friday, reaching $41.83. 1,796,698 shares of the company’s stock were exchanged. The stock has a market capitalization of $23.33 billion, a PE ratio of 13.61 and a beta of 1.73. Franklin Resources, Inc. has a 52 week low of $33.02 and a 52 week high of $47.65. The stock has a 50-day moving average of $44.83 and a 200-day moving average of $42.99.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting the consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm earned $0.77 EPS. The business’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current year.
BEN has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research note on Monday, July 24th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $43.00 price target (up previously from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a report on Thursday, August 3rd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target 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 stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the transaction, the chief financial officer now 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 is available at the SEC website. 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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