CIBC World Markets Inc. Has $2,391,000 Stake in Franklin Resources Inc. (BEN)
CIBC World Markets Inc. decreased its stake in Franklin Resources Inc. (NYSE:BEN) by 2.1% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 67,206 shares of the closed-end fund’s stock after selling 1,434 shares during the period. CIBC World Markets Inc.’s holdings in Franklin Resources were worth $2,391,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Acadian Asset Management LLC boosted its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock valued at $105,000 after buying an additional 2,965 shares in the last quarter. FTB Advisors Inc. boosted its stake in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock valued at $107,000 after buying an additional 248 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock valued at $112,000 after buying an additional 583 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock valued at $179,000 after buying an additional 4,335 shares in the last quarter. Finally, Alpha Windward LLC boosted its stake in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 1,071 shares in the last quarter. Institutional investors own 46.99% of the company’s stock.
Shares of Franklin Resources Inc. (NYSE:BEN) traded up 0.13% during trading on Tuesday, reaching $38.70. 1,476,207 shares of the company were exchanged. The company has a market capitalization of $22.01 billion, a PE ratio of 13.17 and a beta of 1.76. The firm’s 50 day moving average price is $35.98 and its 200 day moving average price is $35.37. Franklin Resources Inc. has a one year low of $30.56 and a one year high of $42.23.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Wednesday, October 26th. The closed-end fund reported $0.82 EPS for the quarter, topping the consensus estimate of $0.69 by $0.13. The company earned $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Franklin Resources had a net margin of 26.09% and a return on equity of 13.89%. The company’s quarterly revenue was down 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.59 EPS. Equities research analysts forecast that Franklin Resources Inc. will post $2.68 earnings per share for the current fiscal year.
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Several research firms recently weighed in on BEN. Jefferies Group reissued a “neutral” rating on shares of Franklin Resources in a research note on Tuesday, August 9th. Credit Suisse Group AG reissued a “sell” rating on shares of Franklin Resources in a research note on Thursday, November 10th. Bank of America Corp. raised shares of Franklin Resources from an “underperform” rating to a “neutral” rating in a research note on Wednesday, November 9th. Deutsche Bank AG lifted their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, September 9th. Finally, Barclays PLC set a $30.00 price objective on shares of Franklin Resources and gave the stock a “sell” rating in a research note on Tuesday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $37.81.
In other news, Vice Chairman Rupert H. Johnson, Jr. sold 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $33.65, for a total transaction of $10,095,000.00. Following the completion of the sale, the insider now owns 104,465,045 shares of the company’s stock, valued at approximately $3,515,248,764.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 20.41% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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