Franklin Resources, Inc. (BEN) Position Boosted by New England Research & Management Inc.
New England Research & Management Inc. boosted its holdings in Franklin Resources, Inc. (NYSE:BEN) by 10.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 39,540 shares of the closed-end fund’s stock after purchasing an additional 3,640 shares during the quarter. Franklin Resources makes up approximately 1.2% of New England Research & Management Inc.’s holdings, making the stock its 17th largest position. New England Research & Management Inc.’s holdings in Franklin Resources were worth $1,713,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Mountain Capital Investment Advisors Inc purchased a new position in Franklin Resources in the second quarter valued at $123,000. Benjamin F. Edwards & Company Inc. purchased a new position in Franklin Resources in the third quarter valued at $127,000. Chicago Equity Partners LLC purchased a new position in Franklin Resources in the third quarter valued at $209,000. Highbridge Capital Management LLC acquired a new position in Franklin Resources in the third quarter valued at $210,000. Finally, Colony Group LLC acquired a new position in Franklin Resources in the second quarter valued at $212,000. 44.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Franklin Resources, Inc. (NYSE:BEN) traded up $0.35 on Tuesday, hitting $43.92. 2,404,400 shares of the stock traded hands, compared to its average volume of 2,179,980. Franklin Resources, Inc. has a twelve month low of $39.38 and a twelve month high of $47.65. The firm has a market capitalization of $24,270.00, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 2.33 and a beta of 1.75. The company has a quick ratio of 8.75, a current ratio of 8.75 and a debt-to-equity ratio of 0.08.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 26th will be paid a dividend of $0.23 per share. This is an increase from Franklin Resources’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, December 22nd. This represents a $0.92 annualized dividend and a dividend yield of 2.09%. Franklin Resources’s dividend payout ratio is 30.56%.
Several equities analysts have issued reports on the stock. ValuEngine upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. UBS Group upped their price objective on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $46.00 price objective on shares of Franklin Resources in a research note on Wednesday, November 1st. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Finally, Citigroup decreased their price objective on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, October 27th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Franklin Resources presently has an average rating of “Hold” and an average target price of $44.55.
In other news, Chairman Gregory E. Johnson sold 56,825 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the completion of the sale, the chairman now owns 2,047,273 shares in the company, valued at $87,684,702.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jed A. Plafker sold 7,790 shares of the stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $43.92, for a total transaction of $342,136.80. The disclosure for this sale can be found here. Insiders have sold 514,603 shares of company stock valued at $22,134,429 in the last quarter. Insiders own 22.20% of the company’s stock.
Franklin Resources Profile
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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