Franklin Electric Co., Inc. (NASDAQ:FELE) Announces Dividend Increase – $0.23 Per Share

Franklin Electric Co., Inc. (NASDAQ:FELEGet 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.

Franklin Electric (NASDAQ:FELEGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.02). Franklin Electric had a net margin of 9.48% and a return on equity of 18.71%. The business had revenue of $551.67 million during the quarter, compared to analysts’ expectations of $559.00 million. As a group, equities analysts predict that Franklin Electric will post 4.09 EPS for the current fiscal year.

Insider Activity

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

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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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Dividend History for Franklin Electric (NASDAQ:FELE)

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