Allspring Global Investments Holdings LLC Sells 66,079 Shares of Franklin Electric Co., Inc. $FELE

Allspring Global Investments Holdings LLC cut its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 3.2% during the third quarter, Holdings Channel reports. The fund owned 2,009,437 shares of the industrial products company’s stock after selling 66,079 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Franklin Electric were worth $191,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its position in Franklin Electric by 31.2% during the second quarter. EverSource Wealth Advisors LLC now owns 425 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 101 shares during the period. Fortress Financial Solutions LLC lifted its stake in shares of Franklin Electric by 2.5% during the 2nd quarter. Fortress Financial Solutions LLC now owns 4,546 shares of the industrial products company’s stock worth $408,000 after buying an additional 110 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Franklin Electric by 10.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,235 shares of the industrial products company’s stock worth $118,000 after buying an additional 114 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Franklin Electric by 24.3% during the 2nd quarter. Osaic Holdings Inc. now owns 608 shares of the industrial products company’s stock worth $55,000 after buying an additional 119 shares during the period. Finally, MAI Capital Management grew its stake in Franklin Electric by 36.5% in the 2nd quarter. MAI Capital Management now owns 490 shares of the industrial products company’s stock valued at $44,000 after buying an additional 131 shares during the last quarter. Institutional investors and hedge funds own 79.98% of the company’s stock.

Analyst Ratings Changes

FELE has been the subject of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Franklin Electric in a research report on Monday. Wall Street Zen upgraded Franklin Electric from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Finally, Robert W. Baird set a $112.00 price target on Franklin Electric in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $112.00.

Franklin Electric Stock Performance

NASDAQ FELE opened at $97.19 on Wednesday. The firm’s 50 day simple moving average is $95.57 and its 200 day simple moving average is $94.49. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of 31.66, a P/E/G ratio of 1.96 and a beta of 1.07. The company has a current ratio of 2.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.10. Franklin Electric Co., Inc. has a 1 year low of $78.87 and a 1 year high of $108.08.

Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, October 28th. The industrial products company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.01. Franklin Electric had a return on equity of 14.24% and a net margin of 6.71%.The firm had revenue of $581.71 million during the quarter, compared to analysts’ expectations of $563.18 million. During the same period in the prior year, the company earned $1.17 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. Franklin Electric has set its FY 2025 guidance at 4.000-4.200 EPS. As a group, research analysts expect that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current fiscal year.

Franklin Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, November 6th. Franklin Electric’s dividend payout ratio is currently 34.53%.

About Franklin Electric

Franklin Electric Co, Inc is a world‐leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.