Marks Group Wealth Management Inc Boosts Stock Position in Franklin Electric Co., Inc. $FELE

Marks Group Wealth Management Inc increased its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 13.0% in the second quarter, HoldingsChannel reports. The firm owned 92,837 shares of the industrial products company’s stock after buying an additional 10,692 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Franklin Electric were worth $8,331,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FELE. Nuveen LLC purchased a new stake in Franklin Electric during the 1st quarter worth about $41,837,000. Jacobs Levy Equity Management Inc. purchased a new stake in Franklin Electric during the 1st quarter worth about $12,592,000. Jones Financial Companies Lllp purchased a new stake in Franklin Electric during the 1st quarter worth about $10,005,000. Select Equity Group L.P. purchased a new stake in Franklin Electric during the 1st quarter worth about $8,696,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Franklin Electric during the 1st quarter worth about $7,798,000. Hedge funds and other institutional investors own 79.98% of the company’s stock.

Franklin Electric Stock Performance

Shares of NASDAQ:FELE opened at $96.32 on Monday. The company has a market cap of $4.28 billion, a P/E ratio of 24.89, a PEG ratio of 1.94 and a beta of 1.08. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.77 and a current ratio of 1.72. Franklin Electric Co., Inc. has a one year low of $78.87 and a one year high of $111.94. The business’s 50-day simple moving average is $95.78 and its 200 day simple moving average is $91.44.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, July 29th. The industrial products company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.28 by $0.03. Franklin Electric had a return on equity of 14.05% and a net margin of 8.71%.The business had revenue of $587.43 million for the quarter, compared to the consensus estimate of $566.61 million. Franklin Electric has set its FY 2025 guidance at 3.950-4.250 EPS. On average, sell-side analysts forecast that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current fiscal year.

Franklin Electric announced that its board has initiated a stock repurchase program on Friday, June 13th that allows the company to buyback 1,200,000 outstanding shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Franklin Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a dividend of $0.265 per share. The ex-dividend date was Thursday, August 7th. This represents a $1.06 annualized dividend and a yield of 1.1%. Franklin Electric’s payout ratio is currently 27.39%.

Insider Transactions at Franklin Electric

In other Franklin Electric news, insider Jonathan M. Grandon sold 10,036 shares of Franklin Electric stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $98.03, for a total transaction of $983,829.08. Following the sale, the insider directly owned 8,171 shares in the company, valued at $801,003.13. The trade was a 55.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.72% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Robert W. Baird raised their price target on Franklin Electric from $94.00 to $107.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Franklin Electric in a research note on Saturday, September 27th. Finally, Wall Street Zen raised Franklin Electric from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $107.00.

About Franklin Electric

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