First Manhattan Co. trimmed its stake in Franklin Electric Co. (NASDAQ:FELE) by 15.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 16,550 shares of the industrial products company’s stock after selling 3,000 shares during the period. First Manhattan Co.’s holdings in Franklin Electric were worth $781,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of Franklin Electric by 2.3% in the 1st quarter. JPMorgan Chase & Co. now owns 109,408 shares of the industrial products company’s stock valued at $4,459,000 after buying an additional 2,419 shares during the last quarter. Sei Investments Co. grew its position in shares of Franklin Electric by 99.1% in the 1st quarter. Sei Investments Co. now owns 8,005 shares of the industrial products company’s stock valued at $326,000 after buying an additional 3,984 shares during the last quarter. Profund Advisors LLC grew its position in shares of Franklin Electric by 20.6% in the 1st quarter. Profund Advisors LLC now owns 7,376 shares of the industrial products company’s stock valued at $301,000 after buying an additional 1,260 shares during the last quarter. Barclays PLC grew its position in shares of Franklin Electric by 83.5% in the 1st quarter. Barclays PLC now owns 13,489 shares of the industrial products company’s stock valued at $550,000 after buying an additional 6,140 shares during the last quarter. Finally, Guggenheim Capital LLC grew its position in shares of Franklin Electric by 2.7% in the 1st quarter. Guggenheim Capital LLC now owns 128,066 shares of the industrial products company’s stock valued at $5,219,000 after buying an additional 3,338 shares during the last quarter. 77.99% of the stock is currently owned by institutional investors and hedge funds.
FELE has been the topic of a number of analyst reports. ValuEngine upgraded Franklin Electric from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. BidaskClub lowered Franklin Electric from a “buy” rating to a “hold” rating in a research report on Thursday, September 27th. Finally, Zacks Investment Research lowered Franklin Electric from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $48.80.
Shares of NASDAQ:FELE opened at $41.71 on Friday. The stock has a market capitalization of $2.02 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 2.24 and a beta of 1.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.00 and a current ratio of 2.06. Franklin Electric Co. has a 1 year low of $38.45 and a 1 year high of $51.45.
Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings data on Tuesday, July 24th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.05). The business had revenue of $344.00 million during the quarter, compared to analyst estimates of $348.65 million. Franklin Electric had a net margin of 6.80% and a return on equity of 13.65%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, equities research analysts forecast that Franklin Electric Co. will post 2.27 EPS for the current fiscal year.
In other news, VP Donald P. Kenney sold 1,500 shares of the business’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $49.00, for a total value of $73,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Steven William Aikman sold 3,500 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $49.89, for a total value of $174,615.00. Following the completion of the transaction, the vice president now directly owns 18,515 shares in the company, valued at $923,713.35. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock worth $323,430 over the last three months. 2.54% of the stock is owned by company insiders.
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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