Mitsubishi UFJ Kokusai Asset Management Co. Ltd. cut its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 17.5% during the second quarter, Holdings Channel reports. The firm owned 48,636 shares of the closed-end fund’s stock after selling 10,337 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Franklin Resources were worth $2,178,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Schwab Charles Investment Management Inc. boosted its position in shares of Franklin Resources by 15.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,343,749 shares of the closed-end fund’s stock worth $60,187,000 after buying an additional 178,659 shares during the period. Wetherby Asset Management Inc. boosted its position in shares of Franklin Resources by 2.0% in the second quarter. Wetherby Asset Management Inc. now owns 11,574 shares of the closed-end fund’s stock worth $518,000 after buying an additional 223 shares during the period. Trexquant Investment LP acquired a new position in shares of Franklin Resources during the second quarter worth $596,000. Global X Management Co. LLC boosted its position in shares of Franklin Resources by 14.5% in the second quarter. Global X Management Co. LLC now owns 5,253 shares of the closed-end fund’s stock worth $235,000 after buying an additional 664 shares during the period. Finally, Cliftonlarsonallen Wealth Advisors LLC boosted its position in shares of Franklin Resources by 7.4% in the second quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 17,755 shares of the closed-end fund’s stock worth $795,000 after buying an additional 1,220 shares during the period. Hedge funds and other institutional investors own 45.68% of the company’s stock.

Franklin Resources, Inc. (BEN) opened at 42.89 on Wednesday. The firm has a market cap of $23.92 billion, a PE ratio of 13.96 and a beta of 1.73. The stock has a 50 day moving average of $45.03 and a 200 day moving average of $42.98. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the company earned $0.77 earnings per share. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.

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A number of research analysts recently weighed in on the stock. BidaskClub cut shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a report on Thursday, August 3rd. Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. UBS AG reiterated a “neutral” rating and set a $45.00 price target (down previously from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Finally, Wells Fargo & Company cut shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a report on Monday, July 24th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $43.18.

In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 21.60% of the stock is currently owned by company insiders.

Franklin Resources Company Profile

Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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