Franklin Electric Co. (FELE) Downgraded by Zacks Investment Research
Franklin Electric Co. (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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 Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently 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 0.51% during midday trading on Wednesday, reaching $39.70. The company had a trading volume of 53,754 shares. Franklin Electric has a 12-month low of $23.75 and a 12-month high of $41.13. The company has a 50 day moving average of $38.92 and a 200 day moving average of $35.43. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 25.78 and a beta of 1.62.
Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The business earned $252.10 million during the quarter, compared to the consensus estimate of $255.60 million. Franklin Electric had a return on equity of 13.27% and a net margin of 8.07%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. Analysts anticipate that Franklin Electric will post $1.66 EPS for the current year.
In other news, VP Donald P. Kenney sold 1,405 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $37.76, for a total transaction of $53,052.80. Following the completion of the transaction, the vice president now directly owns 16,127 shares in the company, valued at $608,955.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David M. Wathen sold 4,498 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $38.28, for a total value of $172,183.44. The disclosure for this sale can be found here. Insiders own 2.67% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. PineBridge Investments L.P. increased its position in shares of 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 last quarter. NEXT Financial Group Inc boosted its stake 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 boosted its stake 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 stake in Franklin Electric during the second quarter valued at approximately $202,000. Finally, PNC Financial Services Group Inc. boosted its stake 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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