Principal Financial Group Inc. Decreases Position in Franklin Electric Co., Inc. $FELE

Principal Financial Group Inc. lowered its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 4.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 204,585 shares of the industrial products company’s stock after selling 8,471 shares during the quarter. Principal Financial Group Inc.’s holdings in Franklin Electric were worth $19,476,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in Franklin Electric by 1.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,075,516 shares of the industrial products company’s stock worth $190,480,000 after purchasing an additional 29,982 shares in the last quarter. First Trust Advisors LP grew its position in shares of Franklin Electric by 44.9% during the second quarter. First Trust Advisors LP now owns 1,552,097 shares of the industrial products company’s stock worth $139,285,000 after buying an additional 481,108 shares in the last quarter. Impax Asset Management Group plc increased its stake in shares of Franklin Electric by 47.8% during the second quarter. Impax Asset Management Group plc now owns 1,246,729 shares of the industrial products company’s stock worth $111,881,000 after buying an additional 403,115 shares during the period. Invesco Ltd. raised its holdings in Franklin Electric by 9.2% in the second quarter. Invesco Ltd. now owns 607,040 shares of the industrial products company’s stock valued at $54,476,000 after acquiring an additional 50,895 shares in the last quarter. Finally, Norges Bank acquired a new stake in Franklin Electric in the second quarter valued at approximately $45,701,000. 79.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Franklin Electric Stock Performance

Shares of FELE stock opened at $107.55 on Monday. The stock’s 50-day moving average is $98.58 and its two-hundred day moving average is $96.46. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.12 and a current ratio of 2.54. Franklin Electric Co., Inc. has a 1 year low of $78.87 and a 1 year high of $108.08. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 35.03, a PEG ratio of 1.90 and a beta of 1.08.

Franklin Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.0%. This is a positive change from Franklin Electric’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Thursday, February 5th. Franklin Electric’s dividend payout ratio is presently 36.48%.

Franklin Electric Profile

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.