ValuEngine Lowers Franklin Resources (NYSE:BEN) to Sell
A number of other analysts have also weighed in on BEN. JPMorgan Chase & Co. upped their price objective on Franklin Resources from $33.00 to $34.00 and gave the stock an underweight rating in a research report on Friday, July 12th. Barclays set a $27.00 price objective on Franklin Resources and gave the stock a sell rating in a report on Wednesday, July 31st. Citigroup increased their target price on shares of Franklin Resources from $35.00 to $37.00 and gave the stock a neutral rating in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a market perform rating to an underperform rating and decreased their target price for the stock from $34.00 to $33.00 in a research note on Monday, April 29th. Finally, TheStreet upgraded shares of Franklin Resources from a c+ rating to a b rating in a research note on Friday, April 26th. Eight equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of Sell and a consensus target price of $31.18.
Franklin Resources stock opened at $28.53 on Friday. Franklin Resources has a twelve month low of $27.34 and a twelve month high of $35.82. The stock’s fifty day moving average is $33.67. 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 $14.77 billion, a price-to-earnings ratio of 8.94, a P/E/G ratio of 1.62 and a beta of 1.17.
In other news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.04, for a total transaction of $350,004.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 23.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its position in shares of Franklin Resources by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 4,151,160 shares of the closed-end fund’s stock worth $122,917,000 after purchasing an additional 122,024 shares in the last quarter. FMR LLC grew its position in shares of Franklin Resources by 11.9% during the fourth quarter. FMR LLC now owns 2,184,294 shares of the closed-end fund’s stock worth $64,786,000 after purchasing an additional 232,030 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Franklin Resources by 60.0% during the first quarter. State of Alaska Department of Revenue now owns 113,459 shares of the closed-end fund’s stock worth $3,758,000 after purchasing an additional 42,542 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Franklin Resources during the first quarter worth about $316,000. Finally, Nisa Investment Advisors LLC grew its position in shares of Franklin Resources by 15.3% during the first quarter. Nisa Investment Advisors LLC now owns 162,456 shares of the closed-end fund’s stock worth $5,384,000 after purchasing an additional 21,500 shares in the last quarter. Hedge funds and other institutional investors own 47.76% of the company’s stock.
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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