Franklin Electric Co., Inc. (FELE) Downgraded to Hold at Zacks Investment Research
Franklin Electric Co., Inc. (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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. “
Several other equities analysts have also weighed in on the company. BidaskClub upgraded Franklin Electric Co. from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Boenning Scattergood restated an “outperform” rating and issued a $52.00 price target (up previously from $44.00) on shares of Franklin Electric Co. in a research note on Wednesday, July 26th. Finally, Robert W. Baird restated a “hold” rating and issued a $45.00 price target on shares of Franklin Electric Co. in a research note on Wednesday.
Franklin Electric Co. (FELE) traded down 1.63% during mid-day trading on Friday, reaching $45.15. The company had a trading volume of 147,713 shares. The firm has a market capitalization of $2.10 billion, a PE ratio of 24.54 and a beta of 1.63. Franklin Electric Co. has a 52 week low of $34.75 and a 52 week high of $46.95. The stock’s 50-day moving average price is $41.01 and its 200 day moving average price is $40.61.
Franklin Electric Co. (NASDAQ:FELE) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 return on equity of 13.10% and a net margin of 8.62%. The company’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. On average, equities research analysts predict that Franklin Electric Co. will post $1.92 EPS for the current year.
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In related news, insider Robert J. Stone sold 39,260 shares of Franklin Electric Co. stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $45.00, for a total value of $1,766,700.00. Following the completion of the transaction, the insider now owns 39,392 shares in the company, valued at approximately $1,772,640. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.54% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of FELE. Bank of New York Mellon Corp increased its stake in Franklin Electric Co. by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 567,727 shares of the industrial products company’s stock worth $24,441,000 after buying an additional 20,368 shares in the last quarter. Comerica Bank increased its stake in Franklin Electric Co. by 4.4% during the 1st quarter. Comerica Bank now owns 45,687 shares of the industrial products company’s stock worth $1,976,000 after buying an additional 1,933 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Franklin Electric Co. during the 1st quarter worth approximately $874,000. State of Tennessee Treasury Department increased its stake in Franklin Electric Co. by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 35,960 shares of the industrial products company’s stock worth $1,548,000 after buying an additional 5,427 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in Franklin Electric Co. during the 1st quarter worth approximately $228,000. Institutional investors own 77.00% of the company’s stock.
About Franklin Electric Co.
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.
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