Prudential Financial Inc. cut its stake in Franklin Electric Co. (NASDAQ:FELE) by 3.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,632 shares of the industrial products company’s stock after selling 2,560 shares during the period. Prudential Financial Inc. owned about 0.14% of Franklin Electric worth $2,944,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Manchester Capital Management LLC boosted its holdings in Franklin Electric by 0.3% in the second quarter. Manchester Capital Management LLC now owns 19,140 shares of the industrial products company’s stock valued at $792,000 after purchasing an additional 50 shares during the period. Arizona State Retirement System boosted its holdings in Franklin Electric by 0.5% in the second quarter. Arizona State Retirement System now owns 20,121 shares of the industrial products company’s stock valued at $833,000 after purchasing an additional 100 shares during the period. Advisor Group Inc. boosted its holdings in Franklin Electric by 3.9% in the second quarter. Advisor Group Inc. now owns 3,071 shares of the industrial products company’s stock valued at $127,000 after purchasing an additional 116 shares during the period. Stifel Financial Corp boosted its holdings in Franklin Electric by 2.3% in the second quarter. Stifel Financial Corp now owns 10,768 shares of the industrial products company’s stock valued at $446,000 after purchasing an additional 238 shares during the period. Finally, Texas Permanent School Fund boosted its holdings in Franklin Electric by 1.0% in the second quarter. Texas Permanent School Fund now owns 28,149 shares of the industrial products company’s stock valued at $1,165,000 after purchasing an additional 276 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.
FELE has been the subject of a number of recent research reports. Zacks Investment Research upgraded Franklin Electric from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Wednesday, September 27th. Boenning Scattergood reiterated a “buy” rating on shares of Franklin Electric in a report on Tuesday, October 24th. Robert W. Baird reiterated a “hold” rating and issued a $45.00 target price on shares of Franklin Electric in a report on Wednesday, October 4th. Seaport Global Securities reiterated a “neutral” rating on shares of Franklin Electric in a report on Wednesday, October 25th. Finally, BidaskClub lowered Franklin Electric from a “hold” rating to a “sell” rating in a report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $49.33.
Shares of Franklin Electric Co. (NASDAQ:FELE) opened at $45.05 on Friday. The stock has a market capitalization of $2,040.00, a PE ratio of 25.44 and a beta of 1.62. The company has a current ratio of 2.35, a quick ratio of 1.13 and a debt-to-equity ratio of 0.18. Franklin Electric Co. has a fifty-two week low of $36.00 and a fifty-two week high of $47.20.
Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. The company had revenue of $311.11 million during the quarter, compared to the consensus estimate of $317.54 million. Franklin Electric had a return on equity of 13.09% and a net margin of 8.13%. Franklin Electric’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. sell-side analysts predict that Franklin Electric Co. will post 1.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Thursday, November 2nd were issued a dividend of $0.1075 per share. This represents a $0.43 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Wednesday, November 1st. Franklin Electric’s dividend payout ratio (DPR) is 22.87%.
In other Franklin Electric news, VP Donald P. Kenney sold 4,754 shares of Franklin Electric stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $45.00, for a total transaction of $213,930.00. Following the completion of the sale, the vice president now directly owns 19,129 shares of the company’s stock, valued at approximately $860,805. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.54% of the stock is owned by insiders.
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About Franklin Electric
Franklin Electric Co, Inc designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices.
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