ProShare Advisors LLC Sells 7,847 Shares of Franklin Electric Co., Inc. $FELE

ProShare Advisors LLC lowered its stake in Franklin Electric Co., Inc. (NASDAQ:FELE) by 9.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,201 shares of the industrial products company’s stock after selling 7,847 shares during the quarter. ProShare Advisors LLC owned about 0.16% of Franklin Electric worth $6,778,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Franklin Electric by 31.2% in the second quarter. EverSource Wealth Advisors LLC now owns 425 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 101 shares during the last quarter. MAI Capital Management grew its holdings in Franklin Electric by 36.5% during the 2nd quarter. MAI Capital Management now owns 490 shares of the industrial products company’s stock valued at $44,000 after buying an additional 131 shares in the last quarter. Osaic Holdings Inc. increased its stake in Franklin Electric by 24.3% in the 2nd quarter. Osaic Holdings Inc. now owns 608 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 119 shares during the last quarter. Covestor Ltd increased its stake in Franklin Electric by 24.6% in the 3rd quarter. Covestor Ltd now owns 937 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 185 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Franklin Electric by 10.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,235 shares of the industrial products company’s stock worth $118,000 after acquiring an additional 114 shares in the last quarter. Institutional investors own 79.98% of the company’s stock.

Franklin Electric Stock Up 0.2%

NASDAQ FELE opened at $109.86 on Friday. Franklin Electric Co., Inc. has a 52 week low of $78.87 and a 52 week high of $111.53. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 1.94 and a beta of 1.08. The company has a quick ratio of 1.12, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average of $99.71 and a two-hundred day moving average of $96.86.

Franklin Electric Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, February 5th. This is an increase from Franklin Electric’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a yield of 1.0%. Franklin Electric’s payout ratio is 36.48%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Robert W. Baird set a $112.00 target price on shares of Franklin Electric in a report on Wednesday, October 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Franklin Electric in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Franklin Electric from a “hold” rating to a “buy” rating in a report on Saturday, December 6th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $112.00.

Franklin Electric Company Profile

Franklin Electric Co, Inc is a world‐leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.