Shares of Franklin Resources, Inc. (NYSE:BEN) have been assigned an average recommendation of “Hold” from the twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $32.70.
Several research firms recently issued reports on BEN. ValuEngine raised shares of Franklin Resources from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 20th. Deutsche Bank reduced their price target on shares of Franklin Resources from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Friday, November 16th. Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 23rd. Morgan Stanley set a $29.00 price target on shares of Franklin Resources and gave the company a “sell” rating in a research report on Wednesday, November 14th. Finally, Credit Suisse Group reduced their price target on shares of Franklin Resources from $28.00 to $26.00 and set an “underperform” rating for the company in a research report on Friday, October 26th.
Shares of BEN stock traded up $0.39 during trading hours on Monday, hitting $33.89. 5,920,696 shares of the company were exchanged, compared to its average volume of 2,957,238. The company has a market cap of $17.19 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 1.16 and a beta of 1.28. Franklin Resources has a fifty-two week low of $28.12 and a fifty-two week high of $45.96. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.07.
In other Franklin Resources news, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $32.85, for a total transaction of $158,337.00. Following the transaction, the insider now directly owns 56,369 shares in the company, valued at approximately $1,851,721.65. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 338,985 shares of company stock worth $10,980,020. Company insiders own 22.20% of the company’s stock.
A number of large investors have recently modified their holdings of BEN. Vanguard Group Inc. lifted its stake in Franklin Resources by 17.1% during the 3rd quarter. Vanguard Group Inc. now owns 32,666,942 shares of the closed-end fund’s stock valued at $993,402,000 after acquiring an additional 4,764,162 shares in the last quarter. Fiduciary Management Inc. WI bought a new stake in shares of Franklin Resources during the 3rd quarter worth $126,946,000. Abrams Capital Management L.P. raised its stake in shares of Franklin Resources by 25.2% during the 3rd quarter. Abrams Capital Management L.P. now owns 9,945,023 shares of the closed-end fund’s stock worth $302,428,000 after purchasing an additional 2,000,000 shares during the period. Morgan Stanley raised its stake in shares of Franklin Resources by 108.2% during the 2nd quarter. Morgan Stanley now owns 3,197,116 shares of the closed-end fund’s stock worth $102,468,000 after purchasing an additional 1,661,189 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Franklin Resources by 27.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,340,194 shares of the closed-end fund’s stock worth $131,985,000 after purchasing an additional 932,439 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.
Franklin Resources Company 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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