Franklin Electric (NASDAQ:FELE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, 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. “
FELE has been the topic of several other reports. BidaskClub raised shares of Franklin Electric from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Seaport Global Securities reissued a “neutral” rating on shares of Franklin Electric in a report on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Franklin Electric has an average rating of “Hold” and an average price target of $54.00.
Shares of NASDAQ FELE traded up $0.15 during mid-day trading on Wednesday, reaching $54.46. 78,200 shares of the company were exchanged, compared to its average volume of 146,843. The company has a quick ratio of 1.10, a current ratio of 2.40 and a debt-to-equity ratio of 0.14. Franklin Electric has a twelve month low of $39.92 and a twelve month high of $55.63. The stock has a market capitalization of $2.53 billion, a P/E ratio of 24.10 and a beta of 1.30. The company’s 50-day simple moving average is $49.25 and its 200-day simple moving average is $46.97.
Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, October 29th. The industrial products company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. Franklin Electric had a net margin of 7.62% and a return on equity of 13.46%. The firm had revenue of $348.41 million for the quarter, compared to analyst estimates of $353.82 million. During the same period last year, the firm earned $0.64 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities research analysts expect that Franklin Electric will post 2.17 EPS for the current year.
In related news, insider Delancey W. Davis sold 2,400 shares of Franklin Electric stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.26, for a total transaction of $120,624.00. Following the sale, the insider now directly owns 18,486 shares of the company’s stock, valued at approximately $929,106.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Delancey W. Davis sold 820 shares of Franklin Electric stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $48.83, for a total transaction of $40,040.60. Following the sale, the insider now directly owns 18,486 shares in the company, valued at $902,671.38. The disclosure for this sale can be found here. Insiders have sold a total of 20,699 shares of company stock worth $1,090,336 over the last ninety days. 2.88% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC grew its holdings in shares of Franklin Electric by 1.6% during the 3rd quarter. Mason Street Advisors LLC now owns 13,059 shares of the industrial products company’s stock valued at $624,000 after purchasing an additional 202 shares during the last quarter. Tortoise Index Solutions LLC grew its holdings in Franklin Electric by 17.7% during the 2nd quarter. Tortoise Index Solutions LLC now owns 1,715 shares of the industrial products company’s stock worth $81,000 after acquiring an additional 258 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Franklin Electric by 2.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 15,326 shares of the industrial products company’s stock worth $728,000 after acquiring an additional 300 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Franklin Electric by 1.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 24,800 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 390 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Franklin Electric by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 59,748 shares of the industrial products company’s stock worth $2,838,000 after acquiring an additional 499 shares during the last quarter. 77.09% 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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