Franklin Electric (NASDAQ:FELE) Announces Earnings Results, Misses Expectations By $0.04 EPS

Franklin Electric (NASDAQ:FELE) released its quarterly earnings results on Tuesday. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04), Briefing.com reports. The business had revenue of $460.90 million for the quarter, compared to analysts’ expectations of $477.64 million. Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. Franklin Electric’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 EPS. Franklin Electric updated its FY24 guidance to $4.22-4.40 EPS and its FY 2024 guidance to 4.220-4.400 EPS.

Franklin Electric Trading Up 1.4 %

NASDAQ FELE opened at $97.60 on Thursday. The company’s 50-day moving average price is $102.34 and its 200-day moving average price is $95.88. The company has a current ratio of 2.85, a quick ratio of 1.20 and a debt-to-equity ratio of 0.07. The stock has a market cap of $4.49 billion, a PE ratio of 24.28, a PEG ratio of 1.86 and a beta of 0.99. Franklin Electric has a 12 month low of $82.61 and a 12 month high of $107.89.

Franklin Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s payout ratio is presently 24.88%.

Insider Transactions at Franklin Electric

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $99.96, for a total value of $1,036,185.36. Following the transaction, the chief executive officer now directly owns 154,993 shares in the company, valued at $15,493,100.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.72% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on FELE. Robert W. Baird upped their price target on shares of Franklin Electric from $91.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. DA Davidson boosted their price objective on shares of Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday. Northcoast Research upgraded shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Friday, February 23rd. Finally, StockNews.com upgraded shares of Franklin Electric from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.00.

About Franklin Electric

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. The company operates through Water Systems, Fueling Systems, and Distribution segments. The Water Systems segment offers submersible motors, drives, pumps, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.