Franklin Electric Co. (FELE) Downgraded to “Sell” at Zacks Investment Research
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 target price for the company in a research note on Monday, July 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $36.00.
Shares of Franklin Electric (NASDAQ:FELE) opened at 38.20 on Tuesday. The firm’s 50-day moving average price is $38.91 and its 200 day moving average price is $35.67. 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 $1.77 billion, a price-to-earnings ratio of 24.81 and a beta of 1.62.
Franklin Electric (NASDAQ:FELE) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The company earned $252.10 million during the quarter, compared to the consensus estimate of $255.60 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Franklin Electric’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts expect that Franklin Electric will post $1.66 earnings per share for the current fiscal year.
In related news, VP Donald P. Kenney sold 1,405 shares of the firm’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $37.76, for a total value of $53,052.80. Following the completion of the sale, the vice president now owns 16,127 shares in the company, valued at $608,955.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David M. Wathen sold 4,498 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $38.28, for a total transaction of $172,183.44. The disclosure for this sale can be found here. Insiders own 2.67% of the company’s stock.
Large investors have recently made changes to their positions in the stock. 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 worth $486,000 after buying an additional 90 shares during the last quarter. First National Bank of Omaha increased its stake in shares of Franklin Electric by 1.2% in the third quarter. First National Bank of Omaha now owns 53,950 shares of the company’s stock worth $2,196,000 after buying an additional 665 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in shares of Franklin Electric during the second quarter worth approximately $248,000. Cove Street Capital LLC increased its stake in shares of Franklin Electric by 14.0% in the second quarter. Cove Street Capital LLC now owns 518,244 shares of the company’s stock worth $17,128,000 after buying an additional 63,647 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Franklin Electric by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 198,733 shares of the company’s stock worth $6,569,000 after buying an additional 2,766 shares during the last quarter. Hedge funds and other institutional investors own 78.90% of the company’s stock.
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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