Franklin Resources, Inc. (NYSE:BEN) Shares Sold by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board lowered its position in Franklin Resources, Inc. (NYSE:BEN) by 6.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,673 shares of the closed-end fund’s stock after selling 1,500 shares during the period. New Mexico Educational Retirement Board’s holdings in Franklin Resources were worth $654,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Sigma Planning Corp raised its position in shares of Franklin Resources by 8.0% in the second quarter. Sigma Planning Corp now owns 9,241 shares of the closed-end fund’s stock worth $322,000 after acquiring an additional 681 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Franklin Resources by 13.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,805 shares of the closed-end fund’s stock worth $2,043,000 after acquiring an additional 8,335 shares during the period. Bingham Osborn & Scarborough LLC acquired a new position in shares of Franklin Resources in the second quarter worth about $208,000. Aperio Group LLC raised its position in shares of Franklin Resources by 1.8% in the second quarter. Aperio Group LLC now owns 186,653 shares of the closed-end fund’s stock worth $6,496,000 after acquiring an additional 3,353 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Franklin Resources by 257.1% in the second quarter. Janus Henderson Group PLC now owns 690,543 shares of the closed-end fund’s stock worth $24,029,000 after acquiring an additional 497,181 shares during the period. Institutional investors and hedge funds own 48.67% of the company’s stock.

In related news, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $27.57, for a total transaction of $137,850.00. Following the completion of the sale, the executive vice president now owns 113,793 shares of the company’s stock, valued at approximately $3,137,273.01. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 23.90% of the stock is currently owned by corporate insiders.

Several research firms recently weighed in on BEN. Barclays restated a “sell” rating and set a $24.00 price target on shares of Franklin Resources in a research report on Wednesday, October 9th. JPMorgan Chase & Co. upgraded shares of Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 price target for the company in a research report on Thursday, September 12th. TheStreet downgraded shares of Franklin Resources from a “b-” rating to a “c+” rating in a research report on Friday, August 9th. Deutsche Bank reduced their price target on shares of Franklin Resources from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Morgan Stanley reduced their price target on shares of Franklin Resources from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, October 8th. Seven analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $28.92.

BEN opened at $26.98 on Tuesday. Franklin Resources, Inc. has a twelve month low of $25.57 and a twelve month high of $35.82. 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 has a 50-day moving average price of $27.73 and a 200 day moving average price of $30.33. The company has a market cap of $13.69 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 1.51 and a beta of 1.21.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, October 25th. The closed-end fund reported $0.61 earnings per share for the quarter, missing the 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 company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the company earned $0.96 EPS. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.6 earnings per share for the current year.

Franklin Resources 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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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