Zacks Investment Research upgraded shares of Franklin Electric (NASDAQ:FELE) from a hold rating to a buy rating in a research note released on Tuesday. The firm currently has $51.00 price objective on the industrial products company’s stock.
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. “
A number of other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Franklin Electric from a hold rating to a sell rating in a research report on Friday, December 22nd. Boenning Scattergood restated a buy rating on shares of Franklin Electric in a research report on Tuesday, October 24th. Robert W. Baird restated a hold rating and set a $45.00 target price on shares of Franklin Electric in a research report on Wednesday, October 4th. Finally, Seaport Global Securities restated a neutral rating on shares of Franklin Electric in a research report on Wednesday, October 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $50.00.
Franklin Electric (NASDAQ FELE) opened at $45.40 on Tuesday. The stock has a market cap of $2,120.00, a PE ratio of 24.15 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 has a 52-week low of $36.00 and a 52-week high of $47.20.
Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The business had revenue of $311.11 million for the quarter, compared to the consensus estimate of $317.54 million. Franklin Electric had a net margin of 8.13% and a return on equity of 13.09%. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS. analysts forecast that Franklin Electric will post 1.89 earnings per share for the current year.
In other Franklin Electric news, VP Donald P. Kenney sold 4,754 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $45.00, for a total transaction of $213,930.00. Following the transaction, the vice president now directly owns 19,129 shares in the company, valued at approximately $860,805. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.54% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its position in shares of Franklin Electric by 12.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,462 shares of the industrial products company’s stock valued at $102,000 after acquiring an additional 281 shares during the period. Advisor Group Inc. raised its position in shares of Franklin Electric by 3.9% in the 2nd quarter. Advisor Group Inc. now owns 3,071 shares of the industrial products company’s stock valued at $127,000 after acquiring an additional 116 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Franklin Electric in the 3rd quarter valued at approximately $131,000. Victory Capital Management Inc. raised its position in shares of Franklin Electric by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 3,427 shares of the industrial products company’s stock valued at $142,000 after acquiring an additional 512 shares during the period. Finally, Amalgamated Bank raised its position in shares of Franklin Electric by 4.9% in the 2nd quarter. Amalgamated Bank now owns 6,324 shares of the industrial products company’s stock valued at $262,000 after acquiring an additional 298 shares during the period. Institutional investors and hedge funds own 76.91% of the company’s stock.
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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