Three Bays Capital Lp Exits Position in Franklin Resources (BEN)

Franklin Resources (BEN) : Three Bays Capital Lp has sold out all of its stake in Franklin Resources during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 1,663,200 shares of Franklin Resources which is valued at $59,093,496.

Other Hedge Funds, Including , Invictus Rg added BEN to its portfolio by purchasing 95 company shares during the most recent quarter which is valued at $3,375.Thrivent Financial For Lutherans boosted its stake in BEN in the latest quarter, The investment management firm added 291 additional shares and now holds a total of 11,191 shares of Franklin Resources which is valued at $397,616.Newfocus Financial Group boosted its stake in BEN in the latest quarter, The investment management firm added 698 additional shares and now holds a total of 40,359 shares of Franklin Resources which is valued at $1,470,278. Franklin Resources makes up approx 1.04% of Newfocus Financial Group’s portfolio. Lingohr Partner Asset Management Gmbh sold out all of its stake in BEN during the most recent quarter. The investment firm sold 14,300 shares of BEN which is valued $502,931.

Franklin Resources closed down -0.64 points or -1.75% at $35.86 with 29,72,825 shares getting traded on Thursday. Post opening the session at $36.62, the shares hit an intraday low of $35.64 and an intraday high of $36.77 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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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