James Investment Research Inc. trimmed its position in Franklin Resources, Inc. (NYSE:BEN) by 27.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,025 shares of the closed-end fund’s stock after selling 1,155 shares during the quarter. James Investment Research Inc.’s holdings in Franklin Resources were worth $100,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc lifted its position in Franklin Resources by 17.1% during the third quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after buying an additional 4,764,162 shares in the last quarter. BlackRock Inc. lifted its position in Franklin Resources by 2.9% during the fourth quarter. BlackRock Inc. now owns 23,139,023 shares of the closed-end fund’s stock worth $686,304,000 after buying an additional 646,242 shares in the last quarter. Pzena Investment Management LLC lifted its position in Franklin Resources by 4.8% during the fourth quarter. Pzena Investment Management LLC now owns 9,396,639 shares of the closed-end fund’s stock worth $278,704,000 after buying an additional 434,347 shares in the last quarter. Kiltearn Partners LLP lifted its position in Franklin Resources by 4.6% during the fourth quarter. Kiltearn Partners LLP now owns 8,460,294 shares of the closed-end fund’s stock worth $250,932,000 after buying an additional 370,500 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Franklin Resources by 526.8% during the fourth quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after buying an additional 5,635,864 shares in the last quarter. Hedge funds and other institutional investors own 48.50% of the company’s stock.
BEN has been the topic of a number of research analyst reports. Bank of America set a $32.00 target price on Franklin Resources and gave the company a “sell” rating in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods downgraded Franklin Resources from a “market perform” rating to an “underperform” rating and reduced their target price for the company from $34.00 to $33.00 in a research report on Monday, April 29th. Zacks Investment Research upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Citigroup lifted their target price on Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a research report on Thursday, March 14th. Finally, TheStreet upgraded Franklin Resources from a “c+” rating to a “b” rating in a report on Friday, April 26th. Seven research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $30.55.
BEN traded up $0.30 on Wednesday, hitting $32.97. 2,594,207 shares of the company were exchanged, compared to its average volume of 2,478,260. Franklin Resources, Inc. has a twelve month low of $27.34 and a twelve month high of $35.82. The stock has a market capitalization of $16.89 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 1.85 and a beta of 1.18. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.54 and a quick ratio of 3.54.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.08. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. The business’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 EPS. On average, research analysts anticipate that Franklin Resources, Inc. will post 2.58 earnings per share for the current year.
In other news, EVP Craig Steven Tyle sold 10,663 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $32.82, for a total transaction of $349,959.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 23.90% of the company’s stock.
Franklin Resources Profile
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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