Franklin Electric (NASDAQ:FELE) Releases FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.22-4.40 for the period, compared to the consensus earnings per share estimate of $4.33. The company issued revenue guidance of $2.10-2.17 billion, compared to the consensus revenue estimate of $2.12 billion. Franklin Electric also updated its FY 2024 guidance to 4.220-4.400 EPS.

Franklin Electric Stock Up 0.2 %

Shares of FELE traded up $0.18 on Friday, reaching $98.90. The company’s stock had a trading volume of 163,157 shares, compared to its average volume of 186,102. Franklin Electric has a twelve month low of $82.61 and a twelve month high of $107.89. The stock has a market capitalization of $4.56 billion, a PE ratio of 24.60, a PEG ratio of 1.90 and a beta of 0.99. 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 firm has a fifty day moving average of $102.32 and a 200-day moving average of $95.98.

Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). Franklin Electric had a return on equity of 15.86% and a net margin of 9.25%. The company had revenue of $460.90 million for the quarter, compared to the consensus estimate of $477.64 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. Equities analysts predict that Franklin Electric will post 4.28 EPS for the current year.

Franklin Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s dividend payout ratio is 24.88%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Franklin Electric

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

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.