Trading Report: The Franklin Electric Co. (FELE) Stake Boosted by BlackRock Advisors LLC

The Franklin Electric Co. (FELE) Stake Boosted by BlackRock Advisors LLC

BlackRock Advisors LLC raised its position in Franklin Electric Co. (NASDAQ:FELE) by 12.2% during the second quarter, Holdings Channel reports. The institutional investor owned 227,715 shares of the company’s stock after buying an additional 24,721 shares during the period. BlackRock Advisors LLC owned approximately 0.49% of Franklin Electric worth $7,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Neuberger Berman Group LLC raised its position in shares of Franklin Electric by 10.4% in the second quarter. Neuberger Berman Group LLC now owns 1,805,375 shares of the company’s stock valued at $59,668,000 after buying an additional 170,665 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Franklin Electric by 8.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,535,291 shares of the company’s stock valued at $50,740,000 after buying an additional 119,649 shares in the last quarter. Royce & Associates LP increased its stake in shares of Franklin Electric by 4.4% in the first quarter. Royce & Associates LP now owns 1,363,428 shares of the company’s stock valued at $43,861,000 after buying an additional 57,328 shares in the last quarter. Impax Asset Management LTD increased its stake in shares of Franklin Electric by 4.4% in the second quarter. Impax Asset Management LTD now owns 1,165,047 shares of the company’s stock valued at $38,503,000 after buying an additional 49,093 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Franklin Electric by 2.2% in the first quarter. State Street Corp now owns 889,243 shares of the company’s stock valued at $28,601,000 after buying an additional 19,335 shares in the last quarter. 78.91% of the stock is currently owned by institutional investors.

Shares of Franklin Electric Co. (NASDAQ:FELE) opened at 39.70 on Thursday. The firm has a market capitalization of $1.83 billion, a P/E ratio of 25.78 and a beta of 1.62. The stock’s 50 day moving average price is $38.94 and its 200 day moving average price is $35.46. Franklin Electric Co. has a 52 week low of $23.75 and a 52 week high of $41.13.

Franklin Electric (NASDAQ:FELE) last posted its earnings results on Tuesday, July 26th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.49 by $0.02. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The business had revenue of $252.10 million for the quarter, compared to the consensus estimate of $255.60 million. During the same period last year, the company earned $0.35 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. On average, analysts predict that Franklin Electric Co. will post $1.66 EPS for the current fiscal year.

FELE has been the subject of several recent research reports. Zacks Investment Research upgraded Franklin Electric from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Monday. Boenning Scattergood upgraded Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price target for the company in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Franklin Electric has a consensus rating of “Hold” and a consensus price target of $36.00.

In related news, insider Robert J. Stone sold 10,000 shares of Franklin Electric stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $40.03, for a total transaction of $400,300.00. Following the sale, the insider now directly owns 36,359 shares in the company, valued at approximately $1,455,450.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Delancey W. Davis sold 1,422 shares of Franklin Electric stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $37.32, for a total transaction of $53,069.04. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.

About Franklin Electric

Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.

Related posts

Leave a Comment