Man Group plc grew its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 69.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 212,212 shares of the closed-end fund’s stock after purchasing an additional 86,665 shares during the quarter. Man Group plc’s holdings in Franklin Resources were worth $6,124,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Strs Ohio grew its position in Franklin Resources by 3.3% during the second quarter. Strs Ohio now owns 37,111 shares of the closed-end fund’s stock valued at $1,291,000 after buying an additional 1,188 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in Franklin Resources in the second quarter valued at about $199,000. SG Americas Securities LLC grew its position in shares of Franklin Resources by 0.9% during the 2nd quarter. SG Americas Securities LLC now owns 128,135 shares of the closed-end fund’s stock valued at $4,459,000 after acquiring an additional 1,186 shares during the period. BP PLC bought a new position in shares of Franklin Resources during the 2nd quarter valued at approximately $1,113,000. Finally, Los Angeles Capital Management & Equity Research Inc. grew its position in shares of Franklin Resources by 48.9% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 101,378 shares of the closed-end fund’s stock valued at $3,528,000 after acquiring an additional 33,280 shares during the period. 48.67% of the stock is owned by hedge funds and other institutional investors.
NYSE BEN opened at $27.00 on Friday. The firm has a market cap of $13.18 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 1.48 and a beta of 1.21. The company has a quick ratio of 2.96, a current ratio of 2.96 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average is $27.69 and its 200-day moving average is $30.19. Franklin Resources, Inc. has a 12-month low of $25.57 and a 12-month high of $35.82.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, October 25th. The closed-end fund reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.03). Franklin Resources had a return on equity of 12.28% and a net margin of 20.71%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the business posted $0.96 earnings per share. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. Equities analysts expect that Franklin Resources, Inc. will post 2.56 EPS for the current year.
A number of equities research analysts recently commented on the stock. Barclays reaffirmed a “sell” rating and issued a $24.00 price target on shares of Franklin Resources in a report on Wednesday, October 9th. JPMorgan Chase & Co. raised Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 price objective for the company in a report on Thursday, September 12th. Morgan Stanley decreased their target price on Franklin Resources from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, October 8th. ValuEngine upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Finally, Evercore ISI restated a “sell” rating and issued a $25.00 target price on shares of Franklin Resources in a research note on Wednesday, November 13th. Seven investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $28.92.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $27.57, for a total transaction of $137,850.00. Following the sale, the executive vice president now owns 113,793 shares in the company, valued at $3,137,273.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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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