StockNews.com Downgrades Franklin Electric (NASDAQ:FELE) to Hold

StockNews.com cut shares of Franklin Electric (NASDAQ:FELE) from a buy rating to a hold rating in a research report report published on Thursday morning.

Separately, Robert W. Baird lowered their price target on Franklin Electric from $111.00 to $94.00 and set a “neutral” rating for the company in a report on Wednesday.

Franklin Electric Stock Performance

Shares of NASDAQ:FELE opened at $85.35 on Thursday. The firm has a market capitalization of $3.91 billion, a PE ratio of 22.17, a P/E/G ratio of 2.11 and a beta of 1.02. Franklin Electric has a 12 month low of $78.87 and a 12 month high of $111.94. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.22 and a quick ratio of 1.06. The business has a 50-day moving average of $93.78 and a two-hundred day moving average of $99.25.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.06). Franklin Electric had a net margin of 8.92% and a return on equity of 14.46%. The business had revenue of $455.25 million during the quarter, compared to analysts’ expectations of $471.21 million. During the same quarter in the previous year, the business posted $0.70 EPS. The company’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, research analysts forecast that Franklin Electric will post 4.19 earnings per share for the current year.

Franklin Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, May 8th. Franklin Electric’s dividend payout ratio is presently 27.75%.

Insider Activity

In related news, insider Delancey W. Davis sold 961 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $103.14, for a total transaction of $99,117.54. Following the completion of the sale, the insider now directly owns 7,701 shares of the company’s stock, valued at approximately $794,281.14. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Franklin Electric

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Franklin Electric by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 4,769,582 shares of the industrial products company’s stock worth $464,796,000 after acquiring an additional 45,174 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Franklin Electric by 0.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,045,534 shares of the industrial products company’s stock valued at $194,551,000 after buying an additional 11,715 shares during the last quarter. Allianz Asset Management GmbH grew its position in shares of Franklin Electric by 21.6% during the fourth quarter. Allianz Asset Management GmbH now owns 811,682 shares of the industrial products company’s stock worth $79,098,000 after buying an additional 143,917 shares in the last quarter. Norges Bank bought a new stake in shares of Franklin Electric in the fourth quarter worth $56,968,000. Finally, Northern Trust Corp raised its holdings in Franklin Electric by 11.0% in the fourth quarter. Northern Trust Corp now owns 513,896 shares of the industrial products company’s stock valued at $50,079,000 after acquiring an additional 50,750 shares in the last quarter. 79.98% 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. 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.