Franklin Electric Co. (FELE) Upgraded to “Buy” 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 on Monday. The firm presently has a $45.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.08% from the stock’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 for the company in a research note on Monday, July 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Franklin Electric currently has a consensus rating of “Hold” and a consensus target price of $36.00.
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Franklin Electric (NASDAQ:FELE) traded up 0.55% during trading on Monday, reaching $40.15. 143,046 shares of the company were exchanged. The stock has a 50 day moving average price of $38.87 and a 200 day moving average price of $35.29. Franklin Electric has a 12 month low of $23.75 and a 12 month high of $41.13. The firm has a market capitalization of $1.86 billion, a PE ratio of 26.07 and a beta of 1.61.
Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, July 26th. The company reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The company earned $252.10 million during the quarter, compared to analysts’ expectations of $255.60 million. During the same quarter last year, the business earned $0.35 EPS. The business’s revenue was up 1.9% on a year-over-year basis. On average, analysts expect that Franklin Electric will post $1.66 EPS for the current fiscal year.
In other Franklin Electric news, VP Thomas J. Strupp sold 5,082 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $37.52, for a total transaction of $190,676.64. Following the completion of the transaction, the vice president now directly owns 29,023 shares in the company, valued at approximately $1,088,942.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David M. Wathen sold 4,498 shares of the firm’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 disclosure for this sale can be found here. 2.67% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of FELE. PineBridge Investments L.P. increased its position in Franklin Electric by 3.9% in the second quarter. PineBridge Investments L.P. now owns 4,860 shares of the company’s stock valued at $160,000 after buying an additional 184 shares during the period. NEXT Financial Group Inc increased its position in Franklin Electric by 42.7% in the second quarter. NEXT Financial Group Inc now owns 5,177 shares of the company’s stock valued at $171,000 after buying an additional 1,550 shares during the period. Teacher Retirement System of Texas increased its position in Franklin Electric by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 5,503 shares of the company’s stock valued at $182,000 after buying an additional 671 shares during the period. Amalgamated Bank acquired a new position in Franklin Electric during the second quarter valued at $202,000. Finally, PNC Financial Services Group Inc. increased its position in Franklin Electric by 1.6% in the second quarter. PNC Financial Services Group Inc. now owns 6,394 shares of the company’s stock valued at $210,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 78.91% of the company’s stock.
Franklin Electric Company Profile
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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