Abrams Capital Management buys $278.4 Million stake in Franklin Resources (BEN)

Franklin Resources (BEN) : Abrams Capital Management scooped up 2,669,361 additional shares in Franklin Resources during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 7,945,023 shares of Franklin Resources which is valued at $278.4 Million.Franklin Resources makes up approximately 13.57% of Abrams Capital Management’s portfolio.

Other Hedge Funds, Including , Fayez Sarofim Co reduced its stake in BEN by selling 1,736,423 shares or 76.06% in the most recent quarter. The Hedge Fund company now holds 546,487 shares of BEN which is valued at $19.1 Million. Franklin Resources makes up approx 0.11% of Fayez Sarofim Co’s portfolio. Huntington Asset Advisors sold out all of its stake in BEN during the most recent quarter. The investment firm sold 126 shares of BEN which is valued $4,415.Municipal Employees’ Retirement System Of Michigan reduced its stake in BEN by selling 200 shares or 1.71% in the most recent quarter. The Hedge Fund company now holds 11,500 shares of BEN which is valued at $415,150. Franklin Resources makes up approx 0.03% of Municipal Employees’ Retirement System Of Michigan’s portfolio.Newfocus Financial Group reduced its stake in BEN by selling 7,730 shares or 16.31% in the most recent quarter. The Hedge Fund company now holds 39,661 shares of BEN which is valued at $1.4 Million. Franklin Resources makes up approx 1.05% of Newfocus Financial Group’s portfolio.Retirement Systems Of Alabama reduced its stake in BEN by selling 6,045 shares or 3.08% in the most recent quarter. The Hedge Fund company now holds 190,464 shares of BEN which is valued at $7.1 Million. Franklin Resources makes up approx 0.04% of Retirement Systems Of Alabama’s portfolio.

Franklin Resources opened for trading at $36.74 and hit $37.58 on the upside on Wednesday, eventually ending the session at $37.49, with a gain of 2.52% or 0.92 points. The heightened volatility saw the trading volume jump to 38,96,576 shares. Company has a market cap of $21,929 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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