Global X Management Co. LLC Buys 664 Shares of Franklin Resources, Inc. (BEN)
Global X Management Co. LLC increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 14.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,253 shares of the closed-end fund’s stock after buying an additional 664 shares during the period. Global X Management Co. LLC’s holdings in Franklin Resources were worth $235,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. IFP Advisors Inc boosted its position in shares of Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares during the period. TrimTabs Asset Management LLC raised its stake in Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock valued at $126,000 after buying an additional 1,408 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Franklin Resources during the first quarter valued at about $193,000. Investment Centers of America Inc. acquired a new stake in Franklin Resources during the first quarter valued at about $201,000. Finally, Mogy Joel R Investment Counsel Inc. acquired a new stake in Franklin Resources during the first quarter valued at about $202,000. Institutional investors own 45.68% of the company’s stock.
Franklin Resources, Inc. (NYSE BEN) opened at 42.51 on Wednesday. Franklin Resources, Inc. has a 12-month low of $33.02 and a 12-month high of $47.65. The stock has a market cap of $23.71 billion, a P/E ratio of 13.83 and a beta of 1.73. The firm’s 50 day moving average price is $44.74 and its 200-day moving average price is $43.04.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.73. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 28.47% and a return on equity of 13.28%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 EPS. Equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
Several research firms recently issued reports on BEN. Deutsche Bank AG lifted their price objective on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research note on Tuesday, July 4th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, August 1st. BidaskClub raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, UBS AG reissued a “neutral” rating and set a $45.00 price objective (down previously from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Franklin Resources presently has an average rating of “Hold” and a consensus price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 21.60% of the company’s stock.
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.
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