Franklin Electric Co. (FELE) Lowered to Hold at 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 issued 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 on the stock in a report on Monday, July 11th. One 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 company presently has a consensus rating of “Hold” and a consensus price target of $36.00.
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Franklin Electric (NASDAQ:FELE) traded up 0.51% during midday trading on Wednesday, hitting $39.70. The company had a trading volume of 53,754 shares. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 25.78 and a beta of 1.62. Franklin Electric has a 12 month low of $23.75 and a 12 month high of $41.13. The firm has a 50-day moving average price of $38.92 and a 200-day moving average price of $35.43.
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, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The firm had revenue of $252.10 million for 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 company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Equities analysts anticipate that Franklin Electric will post $1.66 EPS for the current year.
In other news, insider Robert J. Stone sold 7,200 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $38.63, for a total value of $278,136.00. Following the transaction, the insider now owns 33,559 shares in the company, valued at approximately $1,296,384.17. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David M. Wathen sold 4,498 shares of the stock in a transaction dated 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. Company insiders own 2.67% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capstone Asset Management Co. increased its position in Franklin Electric by 0.8% in the third quarter. Capstone Asset Management Co. now owns 11,935 shares of the company’s stock worth $486,000 after buying an additional 90 shares during the last quarter. First National Bank of Omaha increased its position in Franklin Electric by 1.2% in the third quarter. First National Bank of Omaha now owns 53,950 shares of the company’s stock worth $2,196,000 after buying an additional 665 shares during the last quarter. Mason Street Advisors LLC acquired a new position in Franklin Electric during the second quarter worth approximately $248,000. Cove Street Capital LLC increased its position in Franklin Electric by 14.0% in the second quarter. Cove Street Capital LLC now owns 518,244 shares of the company’s stock worth $17,128,000 after buying an additional 63,647 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in Franklin Electric by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 198,733 shares of the company’s stock worth $6,569,000 after buying an additional 2,766 shares during the last quarter. Institutional investors and hedge funds 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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