Zacks Investment Research upgraded shares of Franklin Electric Co. (NASDAQ:FELE) from a sell rating to a hold rating in a research note released on Wednesday.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Franklin Electric (NASDAQ:FELE) opened at 39.65 on Wednesday. The company has a market cap of $1.84 billion, a P/E ratio of 24.64 and a beta of 1.48. Franklin Electric has a 12-month low of $23.75 and a 12-month high of $43.00. The stock’s 50 day moving average is $38.26 and its 200-day moving average is $36.89.
Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, October 25th. The company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Franklin Electric had a net margin of 8.31% and a return on equity of 13.01%. The firm earned $239.80 million during the quarter, compared to the consensus estimate of $244.09 million. During the same period in the previous year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. Analysts predict that Franklin Electric will post $1.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 17th. Shareholders of record on Thursday, November 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.00%. The ex-dividend date was Tuesday, November 1st. Franklin Electric’s payout ratio is presently 24.84%.
In other news, VP Thomas J. Strupp sold 3,750 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $35.26, for a total value of $132,225.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald P. Kenney sold 5,800 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $38.00, for a total transaction of $220,400.00. Following the completion of the transaction, the vice president now owns 21,822 shares of the company’s stock, valued at approximately $829,236. The disclosure for this sale can be found here. 2.67% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. bought a new position in Franklin Electric during the second quarter valued at $11,009,000. Kleinwort Benson Investors Dublin Ltd bought a new position in Franklin Electric during the second quarter valued at $3,113,000. Ngam Advisors L.P. boosted its position in Franklin Electric by 5.3% in the second quarter. Ngam Advisors L.P. now owns 166,486 shares of the company’s stock valued at $5,503,000 after buying an additional 8,337 shares during the period. Morgan Dempsey Capital Management LLC bought a new position in Franklin Electric during the second quarter valued at $934,000. Finally, Louisiana State Employees Retirement System boosted its position in Franklin Electric by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 17,000 shares of the company’s stock valued at $562,000 after buying an additional 100 shares during the period. Institutional investors own 78.70% of the company’s stock.
Franklin Electric Company Profile
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.