Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) announced a quarterly dividend on Monday, January 23rd, Zacks reports. Shareholders of record on Thursday, February 2nd will be given a dividend of 0.225 per share by the industrial products company on Thursday, February 16th. This represents a $0.90 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Wednesday, February 1st. This is a boost from Franklin Electric’s previous quarterly dividend of $0.20.
Franklin Electric has increased its dividend by an average of 10.4% annually over the last three years and has raised its dividend annually for the last 30 consecutive years. Franklin Electric has a dividend payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Franklin Electric to earn $4.22 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 18.5%.
Franklin Electric Stock Performance
NASDAQ:FELE opened at $86.36 on Tuesday. The business’s 50-day moving average price is $82.11 and its two-hundred day moving average price is $84.08. Franklin Electric has a twelve month low of $68.27 and a twelve month high of $96.19. The stock has a market cap of $4.00 billion, a P/E ratio of 21.70 and a beta of 0.98. The company has a quick ratio of 0.71, a current ratio of 1.92 and a debt-to-equity ratio of 0.09.
In other news, insider Delancey W. Davis sold 1,000 shares of the stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $84.91, for a total transaction of $84,910.00. Following the transaction, the insider now directly owns 9,777 shares in the company, valued at approximately $830,165.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.10% of the company’s stock.
Hedge Funds Weigh In On Franklin Electric
Several institutional investors have recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new position in Franklin Electric during the 1st quarter worth approximately $38,000. Covestor Ltd grew its position in Franklin Electric by 3,382.6% during the 1st quarter. Covestor Ltd now owns 801 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 778 shares during the last quarter. Walleye Trading LLC bought a new position in Franklin Electric during the 1st quarter worth approximately $204,000. Mirabella Financial Services LLP bought a new position in Franklin Electric during the 1st quarter worth approximately $274,000. Finally, Verition Fund Management LLC bought a new position in Franklin Electric during the 1st quarter worth approximately $282,000. 79.38% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Separately, StockNews.com raised Franklin Electric from a “hold” rating to a “buy” rating in a report on Wednesday, October 19th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $85.75.
About Franklin Electric
Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates through three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.
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