Franklin Resources (NYSE:BEN) Upgraded to Hold at StockNews.com

Franklin Resources (NYSE:BEN - Get Free Report) was upgraded by StockNews.com from a "sell" rating to a "hold" rating in a research report issued on Thursday.

BEN has been the subject of a number of other reports. Morgan Stanley cut their target price on shares of Franklin Resources from $21.00 to $19.00 and set an "underweight" rating for the company in a report on Friday, October 18th. UBS Group reduced their target price on shares of Franklin Resources from $24.00 to $21.00 and set a "neutral" rating on the stock in a report on Tuesday, October 22nd. TD Cowen lowered their price target on shares of Franklin Resources from $20.00 to $18.50 and set a "hold" rating for the company in a report on Tuesday, November 5th. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $19.00 price target (down previously from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group decreased their price objective on Franklin Resources from $23.75 to $21.25 and set a "sell" rating on the stock in a research report on Monday, September 30th. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $20.20.

Franklin Resources Price Performance

Shares of NYSE:BEN traded up $0.06 during midday trading on Thursday, reaching $21.58. 2,529,062 shares of the company were exchanged, compared to its average volume of 4,025,888. The stock has a market cap of $11.29 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 2.32 and a beta of 1.38. The business's fifty day moving average is $20.38 and its two-hundred day moving average is $21.82. Franklin Resources has a one year low of $18.94 and a one year high of $30.32. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). The firm had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.61%. The company's revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 EPS. As a group, analysts predict that Franklin Resources will post 2.4 earnings per share for the current year.

Insider Transactions at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the company's stock in a transaction on Friday, October 18th. The stock was sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now directly owns 36,519 shares in the company, valued at approximately $1,596,245.49. This represents a 17.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the purchase, the insider now directly owns 89,308,192 shares in the company, valued at approximately $1,704,000,303.36. The trade was a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the sale, the insider now owns 36,519 shares of the company's stock, valued at approximately $1,596,245.49. This represents a 17.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Company insiders own 24.13% of the company's stock.

Institutional Investors Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new stake in Franklin Resources in the 1st quarter worth approximately $710,000. Zurich Insurance Group Ltd FI acquired a new position in shares of Franklin Resources in the 1st quarter valued at $1,538,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Franklin Resources by 46.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 278,268 shares of the closed-end fund's stock worth $7,758,000 after acquiring an additional 88,700 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Franklin Resources by 4.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 102,385 shares of the closed-end fund's stock worth $2,320,000 after acquiring an additional 4,248 shares during the period. Finally, Mizuho Markets Americas LLC increased its holdings in shares of Franklin Resources by 86.8% in the first quarter. Mizuho Markets Americas LLC now owns 374,558 shares of the closed-end fund's stock valued at $10,529,000 after purchasing an additional 174,071 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

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.