Franklin Electric (NASDAQ:FELE) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Franklin Electric (NASDAQ:FELE) from a hold rating to a sell rating in a report released 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 raised shares of Franklin Electric from a hold rating to a buy rating in a research report on Friday, September 13th.

Shares of FELE stock opened at $47.55 on Monday. The company’s fifty day simple moving average is $46.20 and its 200-day simple moving average is $47.52. The company has a quick ratio of 0.98, a current ratio of 2.15 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.29 billion, a PE ratio of 23.84 and a beta of 1.31. Franklin Electric has a 12 month low of $38.87 and a 12 month high of $55.59.

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

In other news, VP Steven William Aikman sold 3,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $875,502.00. Following the completion of the transaction, the vice president now directly owns 64,043 shares in the company, valued at $3,014,504.01. The disclosure for this sale can be found here. Insiders have sold 25,836 shares of company stock worth $1,233,014 over the last ninety days. Insiders own 2.88% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Franklin Electric by 0.5% in the second quarter. BlackRock Inc. now owns 6,141,278 shares of the industrial products company’s stock valued at $291,711,000 after purchasing an additional 30,506 shares during the period. Tortoise Index Solutions LLC grew its stake in shares of 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 valued at $81,000 after acquiring an additional 258 shares in the last quarter. Eaton Vance Management grew its stake in shares of Franklin Electric by 24.0% in the second quarter. Eaton Vance Management now owns 69,008 shares of the industrial products company’s stock valued at $3,278,000 after acquiring an additional 13,346 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of 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 valued at $35,545,000 after acquiring an additional 15,295 shares in the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of Franklin Electric in the second quarter valued at about $9,727,000. 77.51% of the stock is currently owned by institutional investors.

About Franklin Electric

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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