Cwm LLC boosted its position in Franklin Resources, Inc. (NYSE:BEN) by 31.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 665,239 shares of the closed-end fund’s stock after buying an additional 159,401 shares during the period. Franklin Resources comprises approximately 1.5% of Cwm LLC’s holdings, making the stock its 14th largest position. Cwm LLC’s holdings in Franklin Resources were worth $29,796,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the company. Creative Planning raised its stake in shares of Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock worth $239,000 after buying an additional 98 shares in the last quarter. Raymond James Trust N.A. purchased a new stake in shares of Franklin Resources during the first quarter worth about $813,000. New England Research & Management Inc. purchased a new stake in shares of Franklin Resources during the first quarter worth about $1,041,000. Chevy Chase Trust Holdings Inc. raised its stake in shares of Franklin Resources by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 298,958 shares of the closed-end fund’s stock worth $12,598,000 after buying an additional 7,344 shares in the last quarter. Finally, Atalanta Sosnoff Capital LLC purchased a new stake in shares of Franklin Resources during the first quarter worth about $703,000. 45.55% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (NYSE:BEN) traded down 0.26% during midday trading on Monday, reaching $46.15. The company’s stock had a trading volume of 1,754,336 shares. The company has a 50 day moving average price of $43.20 and a 200 day moving average price of $41.87. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $46.61. The firm has a market cap of $25.90 billion, a price-to-earnings ratio of 14.87 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.07. Franklin Resources had a return on equity of 14.34% and a net margin of 27.77%. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter last year, the firm earned $0.61 earnings per share. The business’s revenue was down .8% on a year-over-year basis. On average, equities research analysts expect that Franklin Resources, Inc. will post $2.93 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is 25.81%.
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A number of analysts have recently issued reports on the company. Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a research note on Friday. Morgan Stanley reissued an “underweight” rating and set a $40.00 price objective (up previously from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. BidaskClub raised Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Deutsche Bank AG boosted their price objective on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research note on Tuesday, July 4th. Finally, 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. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $42.10.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.60% of the stock is owned by company insiders.
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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