Franklin Resources, Inc. (NYSE:BEN) Sees Large Decline in Short Interest

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Franklin Resources, Inc. (NYSE:BEN) was the recipient of a significant decline in short interest in the month of June. As of June 30th, there was short interest totalling 25,783,500 shares, a decline of 9.5% from the May 30th total of 28,488,400 shares. Currently, 9.2% of the company’s shares are sold short. Based on an average trading volume of 2,630,000 shares, the days-to-cover ratio is presently 9.8 days.

In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.04, for a total value of $350,004.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 23.90% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake in Franklin Resources by 526.8% during the fourth quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after acquiring an additional 5,635,864 shares in the last quarter. Northern Trust Corp boosted its stake in Franklin Resources by 0.6% during the first quarter. Northern Trust Corp now owns 4,249,082 shares of the closed-end fund’s stock worth $140,815,000 after acquiring an additional 24,064 shares in the last quarter. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 122,024 shares in the last quarter. Norges Bank bought a new stake in Franklin Resources during the fourth quarter worth about $100,182,000. Finally, FMR LLC boosted its stake in Franklin Resources by 15.5% during the first quarter. FMR LLC now owns 2,523,862 shares of the closed-end fund’s stock worth $83,640,000 after acquiring an additional 339,568 shares in the last quarter. Institutional investors own 48.38% of the company’s stock.

BEN has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of IMI PLC/S from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Citigroup cut shares of Apergy from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $41.00 to $34.00 in a research report on Tuesday, July 9th. Bank of America set a $180.00 price objective on shares of CME Group and gave the company a “hold” rating in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods cut shares of Franklin Resources from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $34.00 to $33.00 in a research report on Monday, April 29th. Finally, TheStreet upgraded shares of Zimmer Biomet from a “c” rating to a “b-” rating in a research report on Friday, April 26th. Seven research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $31.09.

Shares of NYSE BEN traded down $0.13 during midday trading on Monday, hitting $35.06. 893,534 shares of the company traded hands, compared to its average volume of 2,570,009. Franklin Resources has a 12-month low of $27.34 and a 12-month high of $35.82. The company has a current ratio of 3.54, a quick ratio of 3.54 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average of $33.87. The company has a market capitalization of $17.86 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.94 and a beta of 1.19.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.08. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the company earned $0.78 earnings per share. Franklin Resources’s quarterly revenue was down 11.4% on a year-over-year basis. Sell-side analysts predict that Franklin Resources will post 2.59 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Thursday, June 27th. Franklin Resources’s dividend payout ratio is currently 32.60%.

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.

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