Franklin Resources, Inc. (NYSE:BEN) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 27,266,400 shares, a decrease of 11.6% from the July 31st total of 30,827,300 shares. Based on an average trading volume of 3,030,000 shares, the days-to-cover ratio is presently 9.0 days. Currently, 9.9% of the company’s stock are short sold.
BEN traded up $0.21 on Friday, hitting $30.00. 96,483 shares of the company traded hands, compared to its average volume of 3,013,548. The company has a 50 day moving average of $28.93 and a 200-day moving average of $32.62. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $14.33 billion, a PE ratio of 9.38, a PEG ratio of 1.58 and a beta of 1.22. Franklin Resources has a 12-month low of $25.57 and a 12-month high of $35.82.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Tuesday, July 30th. The closed-end fund reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.15). The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.75 earnings per share. On average, research analysts anticipate that Franklin Resources will post 2.58 EPS for the current year.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total transaction of $130,050.00. Following the completion of the transaction, the executive vice president now directly owns 100,009 shares of the company’s stock, valued at approximately $2,601,234.09. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 22.20% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Trustcore Financial Services LLC purchased a new stake in Franklin Resources during the 1st quarter valued at approximately $25,000. Advisory Services Network LLC raised its stake in Franklin Resources by 232.6% during the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock valued at $25,000 after acquiring an additional 507 shares during the last quarter. Rational Advisors LLC raised its stake in Franklin Resources by 5,760.0% during the 2nd quarter. Rational Advisors LLC now owns 879 shares of the closed-end fund’s stock valued at $31,000 after acquiring an additional 864 shares during the last quarter. Smith Asset Management Group LP purchased a new stake in Franklin Resources during the 2nd quarter valued at approximately $32,000. Finally, Knuff & Co LLC purchased a new stake in Franklin Resources during the 1st quarter valued at approximately $33,000. 50.47% of the stock is owned by hedge funds and other institutional investors.
BEN has been the subject of several research reports. Citigroup boosted their target price on Franklin Resources from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. TheStreet downgraded Franklin Resources from a “b-” rating to a “c+” rating in a report on Friday, August 9th. Barclays set a $27.00 target price on Franklin Resources and gave the company a “sell” rating in a report on Wednesday, July 31st. ValuEngine downgraded Franklin Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. Finally, JPMorgan Chase & Co. raised Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 target price for the company in a report on Thursday. Seven analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. Franklin Resources presently has an average rating of “Hold” and an average price target of $31.02.
About Franklin Resources
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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