Contrarius Investment Management Ltd buys $44 Million stake in Franklin Resources (BEN)

Franklin Resources (BEN) : Contrarius Investment Management Ltd scooped up 377,123 additional shares in Franklin Resources during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 1,256,286 shares of Franklin Resources which is valued at $44 Million.Franklin Resources makes up approximately 3.80% of Contrarius Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Cornerstone Capital Management Holdings. reduced its stake in BEN by selling 10,209 shares or 8.02% in the most recent quarter. The Hedge Fund company now holds 117,149 shares of BEN which is valued at $4.1 Million. Franklin Resources makes up approx 0.03% of Cornerstone Capital Management Holdings.’s portfolio.Winslow Asset Management Inc reduced its stake in BEN by selling 24,230 shares or 14.25% in the most recent quarter. The Hedge Fund company now holds 145,860 shares of BEN which is valued at $5.1 Million. Franklin Resources makes up approx 1.18% of Winslow Asset Management Inc’s portfolio.Ftb Advisors boosted its stake in BEN in the latest quarter, The investment management firm added 777 additional shares and now holds a total of 2,960 shares of Franklin Resources which is valued at $103,718. Franklin Resources makes up approx 0.01% of Ftb Advisors’s portfolio.California Public Employees Retirement System boosted its stake in BEN in the latest quarter, The investment management firm added 16,400 additional shares and now holds a total of 1,186,816 shares of Franklin Resources which is valued at $42.8 Million. Franklin Resources makes up approx 0.07% of California Public Employees Retirement System’s portfolio.

Franklin Resources opened for trading at $35.15 and hit $35.55 on the upside on Monday, eventually ending the session at $35.25, with a gain of 0.60% or 0.21 points. The heightened volatility saw the trading volume jump to 20,33,090 shares. Company has a market cap of $20,619 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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