Contrarius Investment Management Ltd raised its stake in Franklin Resources, Inc. (NYSE:BEN) by 17.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 739,585 shares of the closed-end fund’s stock after buying an additional 111,866 shares during the period. Franklin Resources accounts for 1.3% of Contrarius Investment Management Ltd’s holdings, making the stock its 23rd largest holding. Contrarius Investment Management Ltd owned approximately 0.15% of Franklin Resources worth $21,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently modified their holdings of the company. Alpha Omega Wealth Management LLC boosted its position in Franklin Resources by 120.8% in the fourth quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock valued at $39,000 after buying an additional 725 shares in the last quarter. Clean Yield Group acquired a new stake in Franklin Resources in the fourth quarter valued at approximately $44,000. CWM LLC boosted its position in Franklin Resources by 22.5% in the fourth quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock valued at $53,000 after buying an additional 325 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new stake in Franklin Resources in the fourth quarter valued at approximately $69,000. Finally, Squar Milner Financial Services LLC acquired a new stake in Franklin Resources in the third quarter valued at approximately $100,000. Hedge funds and other institutional investors own 48.62% of the company’s stock.
In other news, EVP Craig Steven Tyle sold 10,216 shares of the firm’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $34.26, for a total transaction of $350,000.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Rupert H. Johnson, Jr. sold 323,000 shares of Franklin Resources stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $32.42, for a total transaction of $10,471,660.00. Following the transaction, the insider now directly owns 103,653,045 shares of the company’s stock, valued at approximately $3,360,431,718.90. The disclosure for this sale can be found here. 23.90% of the stock is currently owned by company insiders.
A number of analysts have weighed in on the stock. Morgan Stanley set a $28.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a research report on Friday. Credit Suisse Group restated a “sell” rating and issued a $23.00 target price on shares of Franklin Resources in a research report on Monday, January 14th. Citigroup lowered shares of Franklin Resources from a “neutral” rating to a “sell” rating in a research report on Monday, January 14th. Bank of America lowered shares of Franklin Resources from a “neutral” rating to an “underperform” rating in a research report on Friday, January 11th. Finally, Barclays restated a “sell” rating and issued a $23.00 target price on shares of Franklin Resources in a research report on Thursday, January 10th. Nine research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Sell” and a consensus price target of $29.47.
BEN stock opened at $30.02 on Monday. The firm has a market cap of $15.30 billion, a PE ratio of 9.41, a price-to-earnings-growth ratio of 1.84 and a beta of 1.14. Franklin Resources, Inc. has a 52-week low of $27.34 and a 52-week high of $40.56. The company has a quick ratio of 3.93, a current ratio of 3.93 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Wednesday, January 30th. The closed-end fund reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.10). The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. Franklin Resources had a net margin of 26.55% and a return on equity of 15.01%. Franklin Resources’s revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. On average, research analysts predict that Franklin Resources, Inc. will post 2.33 EPS for the current year.
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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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