Trading Report: Today: Olstein Capital Management L.P. Maintains Stake in Franklin Resources Inc. (BEN)

Today: Olstein Capital Management L.P. Maintains Stake in Franklin Resources Inc. (BEN)

Olstein Capital Management L.P. maintained its position in Franklin Resources Inc. (NYSE:BEN) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 225,000 shares of the closed-end fund’s stock at the end of the third quarter. Olstein Capital Management L.P.’s holdings in Franklin Resources were worth $8,003,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC raised its stake in shares of Franklin Resources by 33.0% in the first quarter. LPL Financial LLC now owns 32,959 shares of the closed-end fund’s stock worth $1,267,000 after buying an additional 8,169 shares during the period. Robecosam AG raised its stake in shares of Franklin Resources by 5.9% in the first quarter. Robecosam AG now owns 10,600 shares of the closed-end fund’s stock worth $415,000 after buying an additional 586 shares during the period. BlueMountain Capital Management LLC bought a new stake in shares of Franklin Resources during the first quarter worth about $636,000. DNB Asset Management AS raised its stake in shares of Franklin Resources by 1.8% in the second quarter. DNB Asset Management AS now owns 38,925 shares of the closed-end fund’s stock worth $1,299,000 after buying an additional 700 shares during the period. Finally, Exxonmobil Investment Management Inc. TX raised its stake in shares of Franklin Resources by 4.9% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 95,388 shares of the closed-end fund’s stock worth $3,183,000 after buying an additional 4,482 shares during the period. 46.99% of the stock is owned by hedge funds and other institutional investors.

Shares of Franklin Resources Inc. (NYSE:BEN) opened at 39.32 on Monday. The stock’s 50 day moving average is $35.90 and its 200 day moving average is $35.36. The firm has a market capitalization of $22.37 billion, a price-to-earnings ratio of 13.38 and a beta of 1.76. Franklin Resources Inc. has a 12 month low of $30.56 and a 12 month high of $42.23.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Wednesday, October 26th. The closed-end fund reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. The firm earned $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Franklin Resources had a net margin of 26.09% and a return on equity of 13.89%. The company’s revenue for the quarter was down 14.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 earnings per share. Equities research analysts forecast that Franklin Resources Inc. will post $2.68 earnings per share for the current fiscal year.

BEN has been the subject of several analyst reports. Jefferies Group reaffirmed a “neutral” rating on shares of Franklin Resources in a research note on Tuesday, August 9th. Credit Suisse Group AG reaffirmed a “sell” rating on shares of Franklin Resources in a research note on Thursday, November 10th. Bank of America Corp. raised shares of Franklin Resources from an “underperform” rating to a “neutral” rating in a research note on Wednesday, November 9th. Deutsche Bank AG lifted their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, September 9th. Finally, Barclays PLC set a $30.00 price objective on shares of Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $37.81.

In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 300,000 shares of the stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $33.65, for a total value of $10,095,000.00. Following the completion of the sale, the insider now owns 104,465,045 shares in the company, valued at $3,515,248,764.25. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 20.41% of the stock is currently owned by company insiders.

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