Teachers Retirement System of The State of Kentucky decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 17.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,000 shares of the closed-end fund’s stock after selling 6,000 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Franklin Resources were worth $882,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of BEN. Morgan Stanley boosted its holdings in Franklin Resources by 108.2% in the second quarter. Morgan Stanley now owns 3,197,116 shares of the closed-end fund’s stock valued at $102,468,000 after purchasing an additional 1,661,189 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Franklin Resources by 30.2% in the second quarter. Schroder Investment Management Group now owns 3,790,481 shares of the closed-end fund’s stock valued at $120,537,000 after purchasing an additional 879,164 shares during the last quarter. St. James Investment Company LLC purchased a new position in Franklin Resources in the third quarter valued at about $26,461,000. Renaissance Technologies LLC purchased a new position in Franklin Resources in the second quarter valued at about $18,677,000. Finally, Van ECK Associates Corp boosted its holdings in Franklin Resources by 114.1% in the second quarter. Van ECK Associates Corp now owns 992,451 shares of the closed-end fund’s stock valued at $31,808,000 after purchasing an additional 528,941 shares during the last quarter. 47.83% of the stock is owned by hedge funds and other institutional investors.
NYSE:BEN opened at $33.89 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.71 and a current ratio of 3.71. Franklin Resources, Inc. has a 52 week low of $28.12 and a 52 week high of $45.96. The company has a market cap of $17.39 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.18 and a beta of 1.29.
In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 323,000 shares of the stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $32.42, for a total transaction of $10,471,660.00. Following the transaction, the insider now owns 103,653,045 shares of the company’s stock, valued at approximately $3,360,431,718.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jed A. Plafker sold 4,820 shares of the stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $32.85, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 338,985 shares of company stock worth $10,980,020. 22.20% of the stock is currently owned by company insiders.
A number of research analysts recently commented on the company. Zacks Investment Research raised Franklin Resources from a “strong sell” rating to a “hold” rating in a report on Friday, August 24th. Deutsche Bank reduced their price target on Franklin Resources from $30.00 to $29.00 and set a “hold” rating for the company in a report on Friday, November 16th. Credit Suisse Group reduced their price target on Franklin Resources from $28.00 to $26.00 and set an “underperform” rating for the company in a report on Friday, October 26th. ValuEngine raised Franklin Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 20th. Finally, UBS Group reduced their price target on Franklin Resources from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, October 8th. Six investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $34.18.
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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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