TrimTabs Asset Management LLC increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 88.9% during the first quarter, Holdings Channel reports. The institutional investor owned 2,991 shares of the closed-end fund’s stock after buying an additional 1,408 shares during the period. TrimTabs Asset Management LLC’s holdings in Franklin Resources were worth $126,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of Franklin Resources by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,210,421 shares of the closed-end fund’s stock valued at $47,908,000 after buying an additional 4,464 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp boosted its position in shares of Franklin Resources by 7.5% in the third quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 139,800 shares of the closed-end fund’s stock valued at $4,973,000 after buying an additional 9,700 shares in the last quarter. GLG Partners LP boosted its position in shares of Franklin Resources by 3.2% in the fourth quarter. GLG Partners LP now owns 65,000 shares of the closed-end fund’s stock valued at $2,573,000 after buying an additional 2,000 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Franklin Resources by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 119,694 shares of the closed-end fund’s stock valued at $5,043,000 after buying an additional 1,550 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its position in shares of Franklin Resources by 0.6% in the fourth quarter. Federated Investors Inc. PA now owns 9,148 shares of the closed-end fund’s stock valued at $362,000 after buying an additional 56 shares in the last quarter. 48.31% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (NYSE:BEN) traded down 0.12% during midday trading on Wednesday, hitting $41.35. The company’s stock had a trading volume of 3,629,917 shares. The company has a market cap of $23.21 billion, a PE ratio of 13.32 and a beta of 1.78. Franklin Resources, Inc. has a 52-week low of $30.56 and a 52-week high of $44.35. The stock has a 50 day moving average of $42.18 and a 200 day moving average of $41.03.
Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.07. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. Franklin Resources’s quarterly revenue was down .8% on a year-over-year basis. During the same period last year, the firm earned $0.61 earnings per share. On average, equities analysts expect that Franklin Resources, Inc. will post $2.90 EPS for the current year.
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Several equities analysts have weighed in on BEN shares. Credit Suisse Group AG reaffirmed a “sell” rating and issued a $32.00 price objective on shares of Franklin Resources in a report on Sunday, February 5th. Morgan Stanley lowered Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 price target on the stock. in a research note on Thursday, March 16th. Deutsche Bank AG lowered Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, January 31st. Citigroup Inc lifted their price target on Franklin Resources from $40.00 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Finally, Bank of America Corp upgraded Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Thursday, March 16th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Franklin Resources has a consensus rating of “Hold” and a consensus target price of $40.06.
In related news, insider Jennifer M. Johnson sold 16,835 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $43.90, for a total value of $739,056.50. Following the sale, the insider now directly owns 1,521,037 shares of the company’s stock, valued at $66,773,524.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Gregory E. Johnson sold 25,000 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $43.18, for a total value of $1,079,500.00. Following the completion of the sale, the chairman now directly owns 2,162,863 shares in the company, valued at $93,392,424.34. The disclosure for this sale can be found here. 21.60% of the stock is owned by company insiders.
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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
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