Municipal Employees Retirement System of Michigan increased its position in Franklin Resources, Inc. (NYSE:BEN) by 18.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,290 shares of the closed-end fund’s stock after purchasing an additional 4,820 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Franklin Resources were worth $1,089,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. O Shaughnessy Asset Management LLC raised its position in Franklin Resources by 93.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock valued at $46,994,000 after buying an additional 686,589 shares during the last quarter. First Trust Advisors LP boosted its stake in Franklin Resources by 54.0% in the 2nd quarter. First Trust Advisors LP now owns 1,807,240 shares of the closed-end fund’s stock worth $62,892,000 after purchasing an additional 634,062 shares during the period. Investec Asset Management LTD bought a new position in Franklin Resources in the 1st quarter worth about $17,112,000. CWM LLC boosted its stake in Franklin Resources by 25,571.5% in the 1st quarter. CWM LLC now owns 454,899 shares of the closed-end fund’s stock worth $15,075,000 after purchasing an additional 453,127 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Franklin Resources by 60.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,110,327 shares of the closed-end fund’s stock worth $38,639,000 after purchasing an additional 418,762 shares during the period. Institutional investors own 47.76% of the company’s stock.
A number of analysts have recently issued reports on BEN shares. JPMorgan Chase & Co. lifted their price target on Franklin Resources from $33.00 to $34.00 and gave the company an “underweight” rating in a research report on Friday, July 12th. Citigroup lifted their price target on Franklin Resources from $35.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Barclays set a $27.00 price objective on Franklin Resources and gave the company a “sell” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods cut Franklin Resources from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $34.00 to $33.00 in a research note on Monday, April 29th. Finally, TheStreet cut Franklin Resources from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. Eight investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Sell” and an average price target of $31.18.
NYSE BEN opened at $26.98 on Thursday. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 0.07. Franklin Resources, Inc. has a twelve month low of $26.97 and a twelve month high of $35.82. The company has a market capitalization of $14.26 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 1.56 and a beta of 1.17. The company’s 50 day moving average price is $33.53.
Franklin Resources (NYSE:BEN) last released its earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.15). Franklin Resources had a return on equity of 13.43% and a net margin of 23.80%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the firm posted $0.75 earnings per share. The company’s revenue was down 5.3% compared to the same quarter last year. On average, research analysts predict that Franklin Resources, Inc. will post 2.59 EPS for the current year.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 22.20% of the company’s stock.
Franklin Resources Company 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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