First Quadrant L P CA cut its stake in Franklin Resources, Inc. (NYSE:BEN) by 0.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 50,400 shares of the closed-end fund’s stock after selling 51 shares during the period. First Quadrant L P CA’s holdings in Franklin Resources were worth $2,257,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. raised 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 valued at $889,973,000 after buying an additional 19,839,472 shares during the period. Vanguard Group Inc. raised 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 valued at $1,134,833,000 after buying an additional 1,337,903 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Franklin Resources by 996.3% in the first quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after buying an additional 651,346 shares during the period. AQR Capital Management LLC raised its stake in shares of Franklin Resources by 64.7% in the first quarter. AQR Capital Management LLC now owns 1,058,071 shares of the closed-end fund’s stock valued at $44,587,000 after buying an additional 415,733 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Franklin Resources by 25.5% in the first quarter. American Century Companies Inc. now owns 1,534,117 shares of the closed-end fund’s stock valued at $64,648,000 after buying an additional 311,257 shares during the period. 45.68% of the stock is owned by institutional investors.
Shares of Franklin Resources, Inc. (BEN) traded down 0.55% on Friday, hitting $41.83. The stock had a trading volume of 1,796,698 shares. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The stock has a market capitalization of $23.33 billion, a PE ratio of 13.61 and a beta of 1.73. The firm’s 50 day moving average is $44.83 and its 200-day moving average is $42.99.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.73. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. Equities research analysts expect that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
BEN has been the subject of several research analyst reports. BidaskClub upgraded Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. 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. Deutsche Bank AG upped their target price on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, July 4th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $43.00 target price (up from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. Franklin Resources 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 Franklin Resources stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.60% of the stock is currently 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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