Exxonmobil Investment Management Inc. TX Lowers Stake in Franklin Resources Inc. (BEN)
Exxonmobil Investment Management Inc. TX lowered its stake in shares of Franklin Resources Inc. (NYSE:BEN) by 5.9% during the third quarter, Holdings Channel reports. The fund owned 89,734 shares of the closed-end fund’s stock after selling 5,654 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Franklin Resources were worth $3,192,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of BEN. Bingham Osborn & Scarborough LLC raised its position in shares of Franklin Resources by 0.6% in the second quarter. Bingham Osborn & Scarborough LLC now owns 7,935 shares of the closed-end fund’s stock valued at $265,000 after buying an additional 47 shares during the last quarter. Sii Investments Inc. WI increased its position in shares of Franklin Resources by 0.4% in the second quarter. Sii Investments Inc. WI now owns 36,655 shares of the closed-end fund’s stock valued at $1,227,000 after buying an additional 130 shares during the period. Essex Financial Services Inc. increased its position in shares of Franklin Resources by 1.6% in the second quarter. Essex Financial Services Inc. now owns 8,759 shares of the closed-end fund’s stock valued at $292,000 after buying an additional 140 shares during the period. Nuveen Asset Management LLC increased its position in shares of Franklin Resources by 0.6% in the second quarter. Nuveen Asset Management LLC now owns 25,302 shares of the closed-end fund’s stock valued at $844,000 after buying an additional 148 shares during the period. Finally, FTB Advisors Inc. increased its position in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock valued at $107,000 after buying an additional 248 shares during the period. 46.99% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Resources Inc. (NYSE:BEN) traded up 0.13% on Tuesday, hitting $38.70. The company had a trading volume of 1,476,207 shares. Franklin Resources Inc. has a 12-month low of $30.56 and a 12-month high of $42.23. The firm has a 50-day moving average price of $35.98 and a 200-day moving average price of $35.37. The firm has a market capitalization of $22.01 billion, a PE ratio of 13.17 and a beta of 1.76.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Wednesday, October 26th. The closed-end fund reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Franklin Resources had a return on equity of 13.89% and a net margin of 26.09%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business earned $0.59 EPS. The firm’s revenue for the quarter was down 14.0% on a year-over-year basis. On average, equities research analysts anticipate that Franklin Resources Inc. will post $2.68 earnings per share for the current fiscal year.
Several brokerages have commented on BEN. Zacks Investment Research upgraded Franklin Resources from a “sell” rating to a “hold” rating in a report on Friday. Credit Suisse Group AG reiterated a “sell” rating on shares of Franklin Resources in a report on Thursday, November 10th. Deutsche Bank AG downgraded Franklin Resources from a “hold” rating to a “sell” rating and increased their price target for the company from $30.00 to $35.00 in a report on Thursday, November 10th. They noted that the move was a valuation call. Barclays PLC set a $30.00 price target on Franklin Resources and gave the company a “sell” rating in a report on Tuesday, November 8th. Finally, Bank of America Corp. upgraded Franklin Resources from an “underperform” rating to a “neutral” rating in a report on Wednesday, November 9th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $37.81.
In related news, Vice Chairman Rupert H. Johnson, Jr. sold 300,000 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $33.65, for a total value of $10,095,000.00. Following the sale, the insider now owns 104,465,045 shares in the company, valued at approximately $3,515,248,764.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 20.41% of the stock is owned by corporate insiders.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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