Franklin Electric Co., Inc. (NASDAQ:FELE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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. “

FELE has been the subject of a number of other research reports. BidaskClub lowered shares of Franklin Electric Co. from a “buy” rating to a “hold” rating in a report on Tuesday. Boenning Scattergood reiterated an “outperform” rating and issued a $52.00 price objective (up previously from $44.00) on shares of Franklin Electric Co. in a report on Wednesday.

Shares of Franklin Electric Co. (FELE) traded down 7.78% during midday trading on Wednesday, hitting $40.30. 296,062 shares of the stock traded hands. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 23.73 and a beta of 1.62. The firm’s 50-day moving average is $41.16 and its 200 day moving average is $40.69. Franklin Electric Co. has a 52 week low of $34.75 and a 52 week high of $45.15.

Franklin Electric Co. (NASDAQ:FELE) last issued its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The business had revenue of $305.35 million during the quarter, compared to analyst estimates of $310.13 million. Franklin Electric Co. had a net margin of 8.48% and a return on equity of 13.04%. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the business earned $0.51 EPS. Equities analysts forecast that Franklin Electric Co. will post $1.82 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: This piece of content was posted by American Banking News and is owned by of American Banking News. If you are accessing this piece of content on another publication, it was illegally stolen and republished in violation of United States & international trademark & copyright law. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/07/26/franklin-electric-co-inc-fele-lifted-to-hold-at-zacks-investment-research.html.

In other Franklin Electric Co. news, insider Delancey W. Davis sold 4,071 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $34.45, for a total transaction of $140,245.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John J. Haines sold 4,000 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $41.00, for a total transaction of $164,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 12,947 shares of company stock valued at $495,678 in the last three months. Insiders own 2.54% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp increased its stake in Franklin Electric Co. by 8.0% in the first quarter. Fifth Third Bancorp now owns 2,638 shares of the industrial products company’s stock worth $114,000 after buying an additional 196 shares in the last quarter. Victory Capital Management Inc. increased its stake in Franklin Electric Co. by 13.5% in the first quarter. Victory Capital Management Inc. now owns 2,915 shares of the industrial products company’s stock worth $125,000 after buying an additional 347 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Franklin Electric Co. during the first quarter worth $171,000. State of Alaska Department of Revenue increased its stake in Franklin Electric Co. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 4,250 shares of the industrial products company’s stock worth $182,000 after buying an additional 100 shares in the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new stake in Franklin Electric Co. during the first quarter worth $216,000. 78.74% of the stock is owned by institutional investors and hedge funds.

Franklin Electric Co. Company Profile

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.

Get a free copy of the Zacks research report on Franklin Electric Co. (FELE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Franklin Electric Co. Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Electric Co. Inc. and related companies with MarketBeat.com's FREE daily email newsletter.