Franklin Resources (BEN) was Downgraded by UBS to ” Sell” while Lowering the Price Target of the company shares to $ 28 from a previous price target of $39 . Earlier the firm had a rating of “Neutral ” on the company shares. UBS advised their investors in a research report released on Jun 2, 2016.
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 .
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.
Franklin Resources closed down -0.53 points or -1.42% at $36.82 with 35,83,405 shares getting traded on Wednesday. Post opening the session at $36.95, the shares hit an intraday low of $36.52 and an intraday high of $37.06 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Dec 23, 2015, Jennifer M Johnson (Co-President) purchased 210 shares at $35.74 per share price. According to the SEC, on May 20, 2015, John M Lusk (EVP-Investment Management) sold 15,000 shares at $51.63 per share price. On Feb 3, 2015, Kenneth A Lewis (EVP and CFO) sold 3,000 shares at $53.04 per share price, according to the Form-4 filing with the securities and exchange commission.
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 Companys 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.