Zacks Investment Research Lowers Franklin Electric Co. (FELE) to Hold
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Separately, Boenning Scattergood upgraded shares of Franklin Electric from a neutral rating to an outperform rating and set a $40.00 price target on the stock in a research note on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Franklin Electric has an average rating of Hold and a consensus price target of $36.00.
Franklin Electric (NASDAQ:FELE) opened at 38.55 on Wednesday. Franklin Electric has a 1-year low of $23.75 and a 1-year high of $41.13. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 25.03 and a beta of 1.61. The firm has a 50-day moving average of $38.92 and a 200-day moving average of $35.53.
Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The business had revenue of $252.10 million for the quarter, compared to analyst estimates of $255.60 million. During the same period in the previous year, the business posted $0.35 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. Equities research analysts anticipate that Franklin Electric will post $1.66 EPS for the current year.
In other Franklin Electric news, Director David M. Wathen sold 4,498 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $38.28, for a total value of $172,183.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Delancey W. Davis sold 1,422 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $37.32, for a total transaction of $53,069.04. The disclosure for this sale can be found here. Company insiders own 2.67% of the company’s stock.
Several hedge funds have recently made changes to their positions in FELE. Capstone Asset Management Co. increased its stake in shares of Franklin Electric by 0.8% in the third quarter. Capstone Asset Management Co. now owns 11,935 shares of the company’s stock valued at $486,000 after buying an additional 90 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Franklin Electric by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 17,000 shares of the company’s stock valued at $562,000 after buying an additional 100 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Franklin Electric by 1.6% in the second quarter. PNC Financial Services Group Inc. now owns 6,394 shares of the company’s stock valued at $210,000 after buying an additional 100 shares during the period. Raymond James & Associates increased its stake in shares of Franklin Electric by 1.2% in the second quarter. Raymond James & Associates now owns 8,611 shares of the company’s stock valued at $285,000 after buying an additional 106 shares during the period. Finally, PineBridge Investments L.P. increased its stake in shares of Franklin Electric by 3.9% in the second quarter. PineBridge Investments L.P. now owns 4,860 shares of the company’s stock valued at $160,000 after buying an additional 184 shares during the period. 78.90% of the stock is currently owned by institutional investors.
Franklin Electric Company Profile
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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