Highfields Capital Management Lp buys $749,545,012 stake in Franklin Resources (BEN)

Franklin Resources (BEN) : Highfields Capital Management Lp scooped up 3,383,677 additional shares in Franklin Resources during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 19,358,084 shares of Franklin Resources which is valued at $749,545,012.Franklin Resources makes up approximately 7.49% of Highfields Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Envestnet Asset Management Inc reduced its stake in BEN by selling 11,645 shares or 18.87% in the most recent quarter. The Hedge Fund company now holds 50,067 shares of BEN which is valued at $1,938,594. Franklin Resources makes up approx 0.01% of Envestnet Asset Management Inc’s portfolio.Morningstar Investment Services reduced its stake in BEN by selling 1,396 shares or 16.09% in the most recent quarter. The Hedge Fund company now holds 7,281 shares of BEN which is valued at $280,246. Franklin Resources makes up approx 0.01% of Morningstar Investment Services’s portfolio.Ingalls Snyder reduced its stake in BEN by selling 1,000 shares or 2.07% in the most recent quarter. The Hedge Fund company now holds 47,370 shares of BEN which is valued at $1,584,527. Franklin Resources makes up approx 0.09% of Ingalls Snyder’s portfolio.Donald L. Hagan boosted its stake in BEN in the latest quarter, The investment management firm added 1,565 additional shares and now holds a total of 18,481 shares of Franklin Resources which is valued at $622,070. Franklin Resources makes up approx 0.63% of Donald L. Hagan’s portfolio.Seaward Management Limited Partnership reduced its stake in BEN by selling 2,325 shares or 3.63% in the most recent quarter. The Hedge Fund company now holds 61,782 shares of BEN which is valued at $2,151,249. Franklin Resources makes up approx 0.12% of Seaward Management Limited Partnership’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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