Contrarius Investment Management Ltd Lowers stake in Franklin Resources (BEN)

Franklin Resources (BEN) : Contrarius Investment Management Ltd reduced its stake in Franklin Resources by 40.27% during the most recent quarter end. The investment management company now holds a total of 750,407 shares of Franklin Resources which is valued at $26,744,505 after selling 505,879 shares in Franklin Resources , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.Franklin Resources makes up approximately 2.08% of Contrarius Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , New Mexico Educational Retirement Board boosted its stake in BEN in the latest quarter, The investment management firm added 1,000 additional shares and now holds a total of 42,973 shares of Franklin Resources which is valued at $1,531,558. Franklin Resources makes up approx 0.07% of New Mexico Educational Retirement Board’s portfolio.Conning reduced its stake in BEN by selling 100 shares or 1.08% in the most recent quarter. The Hedge Fund company now holds 9,185 shares of BEN which is valued at $320,097. Franklin Resources makes up approx 0.01% of Conning’s portfolio.Shinko Asset Management Ltd. reduced its stake in BEN by selling 145 shares or 12.82% in the most recent quarter. The Hedge Fund company now holds 986 shares of BEN which is valued at $34,678.Fenimore Asset Management Inc boosted its stake in BEN in the latest quarter, The investment management firm added 31,500 additional shares and now holds a total of 1,131,474 shares of Franklin Resources which is valued at $39,001,909. Franklin Resources makes up approx 1.87% of Fenimore Asset Management Inc’s portfolio.Chevy Chase Trust Holdings reduced its stake in BEN by selling 330 shares or 0.1% in the most recent quarter. The Hedge Fund company now holds 316,089 shares of BEN which is valued at $10,740,704. Franklin Resources makes up approx 0.06% of Chevy Chase Trust Holdings’s portfolio.

Franklin Resources (BEN) witnessed a volatile trading activity on Monday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $36.52 and reached the intraday high at $36.9201. The bulls started the profit booking and pushed the shares to intraday low of $36.36. The trading session was marked by a volume range of 30,31,531 shares exchanging hands. The 52-week high of the shares is $44.94 and the 52-week low is $30.56. The market cap of the company stands at $20,988 M and there are 57,61,21,370 shares in public circulation.

On the company’s financial health, Franklin Resources reported $0.77 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.67. The company had revenue of $1634.30 million for the quarter, compared to analysts expectations of $1618.75 million. The company’s revenue was down -18.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.82 EPS.

Many Wall Street Analysts have commented on Franklin Resources. Shares were Downgraded by UBS on Jun 2, 2016 to ” Sell” and Lowered the Price Target to $ 28 from a previous price target of $39 .

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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