Kenmare Capital Partners L.l.c. Lowers stake in Franklin Resources (BEN)

Franklin Resources (BEN) : Kenmare Capital Partners L.l.c. reduced its stake in Franklin Resources by 92.74% during the most recent quarter end. The investment management company now holds a total of 7,724 shares of Franklin Resources which is valued at $299,073 after selling 98,600 shares in Franklin Resources , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Franklin Resources makes up approximately 0.29% of Kenmare Capital Partners L.l.c.’s portfolio.

Other Hedge Funds, Including , Parametric Portfolio Associates boosted its stake in BEN in the latest quarter, The investment management firm added 61,193 additional shares and now holds a total of 861,623 shares of Franklin Resources which is valued at $33,362,043. Franklin Resources makes up approx 0.05% of Parametric Portfolio Associates’s portfolio.Cipher Capital Lp boosted its stake in BEN in the latest quarter, The investment management firm added 11,912 additional shares and now holds a total of 36,066 shares of Franklin Resources which is valued at $1,365,098. Franklin Resources makes up approx 0.08% of Cipher Capital Lp’s portfolio.Louisiana State Employees Retirement System reduced its stake in BEN by selling 1,800 shares or 7.44% in the most recent quarter. The Hedge Fund company now holds 22,400 shares of BEN which is valued at $779,968. Franklin Resources makes up approx 0.04% of Louisiana State Employees Retirement System’s portfolio.Reinhart Partners boosted its stake in BEN in the latest quarter, The investment management firm added 145,237 additional shares and now holds a total of 857,662 shares of Franklin Resources which is valued at $29,357,770. Franklin Resources makes up approx 2.95% of Reinhart Partners’s portfolio.

Franklin Resources opened for trading at $38.97 and hit $39.17 on the upside on Monday, eventually ending the session at $38.89, with a gain of 0.13% or 0.05 points. The heightened volatility saw the trading volume jump to 17,56,757 shares. Company has a market cap of $22,121 M.

On the company’s financial health, Franklin Resources reported $0.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Oct 26, 2016. Analyst had a consensus of $0.69. The company had revenue of $1611.80 million for the quarter, compared to analysts expectations of $1630.33 million. The company’s revenue was down -14.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.59 EPS.

Many Wall Street Analysts have commented on Franklin Resources. Company shares were Upgraded by UBS on Nov 10, 2016 to ” Neutral”, Firm has raised the Price Target to $ 38 from a previous price target of $28 .Company shares were Downgraded by Deutsche Bank on Nov 10, 2016 to ” Sell”, Firm has raised the Price Target to $ 35 from a previous price target of $30 .Franklin Resources was Upgraded by BofA/Merrill to ” Neutral” on Nov 9, 2016.

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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