Franklin Electric (NASDAQ:FELE) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Franklin Electric (NASDAQ:FELE) from a sell rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Franklin Electric has produced high-quality industrial pumps, filters and accessories. By introducing the new Little Giant PondWorks program, Franklin Electric now brings the same exceptional knowledge, experience, and quality to the recreational water gardening and outdoor living markets. “

Other equities analysts also recently issued reports about the company. Boenning Scattergood downgraded Franklin Electric from an outperform rating to a neutral rating in a research report on Tuesday, April 23rd. BidaskClub downgraded Franklin Electric from a buy rating to a hold rating in a research report on Wednesday, August 14th. Finally, ValuEngine downgraded Franklin Electric from a buy rating to a hold rating in a research report on Monday, May 13th.

Franklin Electric stock opened at $43.85 on Wednesday. The business has a fifty day moving average of $45.89 and a two-hundred day moving average of $48.12. The company has a quick ratio of 0.98, a current ratio of 2.15 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.14 billion, a P/E ratio of 22.34, a P/E/G ratio of 4.19 and a beta of 1.31. Franklin Electric has a twelve month low of $38.87 and a twelve month high of $55.59.

Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). The business had revenue of $355.30 million for the quarter, compared to analyst estimates of $358.31 million. Franklin Electric had a return on equity of 13.17% and a net margin of 7.36%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.65 earnings per share. Equities analysts expect that Franklin Electric will post 2.21 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were given a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend was Wednesday, July 31st. Franklin Electric’s payout ratio is presently 25.66%.

In other news, VP John J. Haines sold 18,600 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $47.07, for a total transaction of $875,502.00. Following the transaction, the vice president now directly owns 64,043 shares of the company’s stock, valued at $3,014,504.01. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Donald P. Kenney sold 1,313 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $46.21, for a total value of $60,673.73. The disclosure for this sale can be found here. Corporate insiders own 2.88% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in shares of Franklin Electric in the 1st quarter valued at $64,000. Krane Funds Advisors LLC acquired a new position in shares of Franklin Electric in the 2nd quarter valued at $60,000. Quantamental Technologies LLC acquired a new position in shares of Franklin Electric in the 1st quarter valued at $86,000. Tortoise Index Solutions LLC increased its position in shares of Franklin Electric by 17.7% in the 2nd quarter. Tortoise Index Solutions LLC now owns 1,715 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 258 shares during the period. Finally, Bank of Montreal Can increased its position in shares of Franklin Electric by 43.6% in the 1st quarter. Bank of Montreal Can now owns 4,769 shares of the industrial products company’s stock valued at $244,000 after acquiring an additional 1,447 shares during the period. 77.94% of the stock is currently owned by institutional investors and hedge funds.

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.

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