Franklin Electric Co. (FELE) Stock Rating Upgraded by Zacks Investment Research
Franklin Electric Co. (NASDAQ:FELE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $45.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.08% from the company’s current price.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Separately, Boenning Scattergood upgraded shares of Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 target price on the stock in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $36.00.
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Shares of Franklin Electric (NASDAQ:FELE) traded up 0.55% during mid-day trading on Monday, reaching $40.15. 143,046 shares of the company’s stock traded hands. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 26.07 and a beta of 1.61. Franklin Electric has a 12-month low of $23.75 and a 12-month high of $41.13. The stock has a 50-day moving average price of $38.87 and a 200 day moving average price of $35.29.
Franklin Electric (NASDAQ:FELE) last posted its earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The firm had revenue of $252.10 million for the quarter, compared to the consensus estimate of $255.60 million. During the same period in the previous year, the firm posted $0.35 EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Analysts anticipate that Franklin Electric will post $1.66 EPS for the current fiscal year.
In related news, Director David M. Wathen sold 4,498 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $38.28, for a total transaction of $172,183.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Delancey W. Davis sold 1,422 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $37.32, for a total transaction of $53,069.04. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.
A number of institutional investors have recently modified their holdings of FELE. BlackRock Fund Advisors increased its position in shares of Franklin Electric by 1.3% in the second quarter. BlackRock Fund Advisors now owns 2,654,688 shares of the company’s stock valued at $87,737,000 after buying an additional 34,643 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Franklin Electric by 10.4% in the second quarter. Neuberger Berman Group LLC now owns 1,805,375 shares of the company’s stock valued at $59,668,000 after buying an additional 170,665 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Franklin Electric by 6.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,688,600 shares of the company’s stock valued at $55,808,000 after buying an additional 95,675 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Franklin Electric by 8.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,535,291 shares of the company’s stock valued at $50,740,000 after buying an additional 119,649 shares during the last quarter. Finally, Royce & Associates LP increased its position in shares of Franklin Electric by 4.4% in the first quarter. Royce & Associates LP now owns 1,363,428 shares of the company’s stock valued at $43,861,000 after buying an additional 57,328 shares during the last quarter. Institutional investors own 78.91% of the company’s stock.
About Franklin Electric
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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