Citizens Financial Group Inc RI boosted its position in shares of Franklin Electric Co. (NASDAQ:FELE) by 180.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,573 shares of the industrial products company’s stock after buying an additional 1,013 shares during the period. Citizens Financial Group Inc RI’s holdings in Franklin Electric were worth $83,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Strs Ohio increased its holdings in shares of Franklin Electric by 11.2% in the 2nd quarter. Strs Ohio now owns 20,800 shares of the industrial products company’s stock valued at $1,092,000 after purchasing an additional 2,100 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Franklin Electric by 5.1% in the 1st quarter. Geode Capital Management LLC now owns 614,334 shares of the industrial products company’s stock valued at $28,952,000 after purchasing an additional 29,686 shares in the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of Franklin Electric in the 1st quarter worth about $408,000. First Trust Advisors LP increased its position in shares of Franklin Electric by 5.4% during the 2nd quarter. First Trust Advisors LP now owns 283,699 shares of the industrial products company’s stock worth $14,900,000 after purchasing an additional 14,439 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Franklin Electric by 40.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 74,009 shares of the industrial products company’s stock valued at $3,884,000 after purchasing an additional 21,413 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.
FELE has been the topic of a number of analyst reports. Sidoti initiated coverage on Franklin Electric in a research note on Wednesday, July 1st. They issued a “buy” rating on the stock. BidaskClub cut shares of Franklin Electric from a “buy” rating to a “hold” rating in a research report on Tuesday, August 25th. DA Davidson downgraded Franklin Electric from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a report on Thursday, July 2nd. Finally, Zacks Investment Research upgraded Franklin Electric from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 21st. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Franklin Electric currently has a consensus rating of “Hold” and an average target price of $51.00.
Shares of NASDAQ FELE opened at $60.00 on Wednesday. The company has a market cap of $2.74 billion, a PE ratio of 30.60 and a beta of 1.14. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.44 and a current ratio of 3.16. Franklin Electric Co. has a 52-week low of $41.25 and a 52-week high of $61.49. The firm’s 50 day moving average price is $56.93 and its 200-day moving average price is $52.11.
Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.09. The firm had revenue of $308.28 million for the quarter, compared to analysts’ expectations of $298.26 million. Franklin Electric had a return on equity of 11.70% and a net margin of 7.16%. The business’s quarterly revenue was down 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. On average, analysts forecast that Franklin Electric Co. will post 1.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 5th. Franklin Electric’s dividend payout ratio is currently 29.95%.
In other news, CEO Gregg C. Sengstack sold 7,429 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $57.16, for a total transaction of $424,641.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Donald P. Kenney sold 474 shares of Franklin Electric stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $56.50, for a total transaction of $26,781.00. The disclosure for this sale can be found here. Insiders sold a total of 11,376 shares of company stock valued at $643,862 in the last 90 days. Company insiders own 2.79% 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. It operates in three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment.
Further Reading: Accumulation/Distribution
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