M&G Plc bought a new stake in Franklin Resources, Inc. (NYSE:BEN – Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 13,907 shares of the closed-end fund’s stock, valued at approximately $306,000.
Several other large investors have also recently added to or reduced their stakes in the business. Headlands Technologies LLC acquired a new position in shares of Franklin Resources during the 1st quarter valued at about $32,000. Principal Securities Inc. acquired a new position in shares of Franklin Resources in the 4th quarter valued at $35,000. Denali Advisors LLC acquired a new stake in shares of Franklin Resources during the 1st quarter worth $44,000. Trust Co. of Vermont purchased a new position in shares of Franklin Resources in the 4th quarter worth $45,000. Finally, Montag A & Associates Inc. acquired a new position in Franklin Resources in the fourth quarter valued at $51,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Resources Trading Up 1.7 %
NYSE BEN opened at $21.87 on Wednesday. The stock has a market cap of $11.51 billion, a P/E ratio of 12.50, a PEG ratio of 2.46 and a beta of 1.43. The company’s fifty day simple moving average is $22.61 and its 200-day simple moving average is $24.75. The company has a current ratio of 1.71, a quick ratio of 1.82 and a debt-to-equity ratio of 0.93. Franklin Resources, Inc. has a 52 week low of $20.92 and a 52 week high of $30.32.
Franklin Resources Dividend Announcement
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on BEN. Evercore ISI cut their price objective on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a report on Tuesday, April 30th. UBS Group cut their price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Keefe, Bruyette & Woods decreased their price objective on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a research note on Monday, July 29th. BMO Capital Markets cut their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Finally, Morgan Stanley lifted their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.90.
Get Our Latest Stock Report on BEN
Insider Buying and Selling at Franklin Resources
In other Franklin Resources news, major shareholder Charles B. Johnson bought 200,000 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were acquired at an average cost of $22.80 per share, with a total value of $4,560,000.00. Following the completion of the transaction, the insider now owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 24.13% of the stock is currently owned by corporate insiders.
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.
Further Reading
- Five stocks we like better than Franklin Resources
- Conference Calls and Individual Investors
- Chipotle Mexican Grill: Take a Bite of This Smoking Hot Deal
- Top Stocks Investing in 5G Technology
- Why O’Reilly Automotive Stock Could Be a Long-Term Winner
- How to Calculate Stock Profit
- Hut 8 Corp.’s Earnings: Is Crypto Mining About to Change?
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN – Free Report).
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.