Franklin Electric (NASDAQ:FELE) Downgraded to “Sell” at Zacks Investment Research

Franklin Electric (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday, Zacks.com reports.

According to Zacks, “Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Franklin Electric has produced high-quality industrial pumps, filters and accessories. By introducing the new Little Giant PondWorks program, Franklin Electric now brings the same exceptional knowledge, experience, and quality to the recreational water gardening and outdoor living markets. “

Separately, BidaskClub upgraded shares of Franklin Electric from a “hold” rating to a “buy” rating in a research note on Friday.

Shares of NASDAQ FELE traded down $1.33 during mid-day trading on Monday, hitting $49.33. The company had a trading volume of 100,162 shares, compared to its average volume of 150,951. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.15 and a quick ratio of 0.98. The business’s 50-day simple moving average is $46.12 and its 200-day simple moving average is $47.60. Franklin Electric has a 12 month low of $38.87 and a 12 month high of $55.59. The firm has a market cap of $2.33 billion, a P/E ratio of 21.83, a PEG ratio of 4.55 and a beta of 1.31.

Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.04). Franklin Electric had a net margin of 7.36% and a return on equity of 13.17%. The company had revenue of $355.30 million during the quarter, compared to the consensus estimate of $358.31 million. During the same quarter in the previous year, the business posted $0.65 EPS. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts predict that Franklin Electric will post 2.21 EPS for the current year.

In related news, VP John J. Haines sold 18,600 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $47.07, for a total value of $875,502.00. Following the completion of the transaction, the vice president now owns 64,043 shares of the company’s stock, valued at $3,014,504.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Delancey W. Davis sold 2,400 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.26, for a total transaction of $120,624.00. Following the completion of the transaction, the insider now directly owns 18,486 shares of the company’s stock, valued at approximately $929,106.36. The disclosure for this sale can be found here. Insiders sold 25,836 shares of company stock valued at $1,233,014 in the last three months. Company insiders own 2.88% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Franklin Electric by 0.5% in the second quarter. BlackRock Inc. now owns 6,141,278 shares of the industrial products company’s stock worth $291,711,000 after purchasing an additional 30,506 shares in the last quarter. Tortoise Index Solutions LLC raised its position in Franklin Electric by 17.7% in the second quarter. Tortoise Index Solutions LLC now owns 1,715 shares of the industrial products company’s stock worth $81,000 after purchasing an additional 258 shares in the last quarter. Eaton Vance Management raised its position in Franklin Electric by 24.0% in the second quarter. Eaton Vance Management now owns 69,008 shares of the industrial products company’s stock worth $3,278,000 after purchasing an additional 13,346 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its position in Franklin Electric by 14.0% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 124,809 shares of the industrial products company’s stock worth $35,545,000 after purchasing an additional 15,295 shares in the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in Franklin Electric in the second quarter worth about $9,727,000. 77.51% of the stock is owned by hedge funds and other institutional investors.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates in three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment.

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