Kiltearn Partners Llp buys $148.8 Million stake in Franklin Resources (BEN)

Franklin Resources (BEN) : Kiltearn Partners Llp scooped up 470,200 additional shares in Franklin Resources during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 4,247,200 shares of Franklin Resources which is valued at $148.8 Million.Franklin Resources makes up approximately 6.34% of Kiltearn Partners Llp’s portfolio.

Other Hedge Funds, Including , Oppenheimerfunds reduced its stake in BEN by selling 4,259 shares or 17.23% in the most recent quarter. The Hedge Fund company now holds 20,458 shares of BEN which is valued at $716,848. Alps Advisors Inc sold out all of its stake in BEN during the most recent quarter. The investment firm sold 12,677 shares of BEN which is valued $444,202.Amica Mutual Insurance Co boosted its stake in BEN in the latest quarter, The investment management firm added 37,000 additional shares and now holds a total of 102,245 shares of Franklin Resources which is valued at $3.7 Million. Franklin Resources makes up approx 0.35% of Amica Mutual Insurance Co’s portfolio.Mogy Joel R Investment Counsel Inc reduced its stake in BEN by selling 700 shares or 9.21% in the most recent quarter. The Hedge Fund company now holds 6,900 shares of BEN which is valued at $249,090. Franklin Resources makes up approx 0.05% of Mogy Joel R Investment Counsel Inc’s portfolio.

Franklin Resources opened for trading at $35.46 and hit $35.9 on the upside on Friday, eventually ending the session at $35.56, with a gain of 0.99% or 0.35 points. The heightened volatility saw the trading volume jump to 17,96,889 shares. Company has a market cap of $20,800,146 M.

On the company’s financial health, Franklin Resources reported $0.61 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $0.64. The company had revenue of $1613.90 million for the quarter, compared to analysts expectations of $1646.04 million. The company’s revenue was down -19.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.98 EPS.

Many Wall Street Analysts have commented on Franklin Resources. Company shares were Reiterated by UBS on Apr 28, 2016 to “Neutral”, Firm has raised the Price Target to $ 39 from a previous price target of $34 .Franklin Resources was Downgraded by BofA/Merrill to ” Underperform” on Mar 15, 2016. Company shares were Reiterated by Barclays on Mar 9, 2016 to “Underweight”, Firm has raised the Price Target to $ 32 from a previous price target of $31 .

Franklin Resources Inc. (Franklin) is a holding company. Franklin together with its various subsidiaries (collectively the Company) is referred to as Franklin Templeton Investments is a global investment management organization offering investment management and related services under the Franklin Templeton Mutual Series Bissett Fiduciary and Darby brand names. It provides services to investment funds in jurisdictions globally which include the United States- and non- United States-registered open-end and closed-end funds unregistered funds and institutional high net-worth and separately-managed accounts. The Company’s investment management and related services include fund administration shareholder services transfer agency underwriting distribution custodial trustee and other fiduciary services. Its sponsored investment products include a range of equity hybrid fixed-income and cash management funds and accounts including alternative investment products.

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