Franklin Electric (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Franklin Electric has produced high-quality industrial pumps, filters and accessories. By introducing the new Little Giant PondWorks program, Franklin Electric now brings the same exceptional knowledge, experience, and quality to the recreational water gardening and outdoor living markets. “
Several other equities research analysts have also recently commented on the company. BidaskClub cut Franklin Electric from a “hold” rating to a “sell” rating in a research note on Wednesday, January 10th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Franklin Electric in a research note on Wednesday, October 25th. Robert W. Baird raised their target price on Franklin Electric from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Finally, Boenning Scattergood reaffirmed a “buy” rating on shares of Franklin Electric in a research note on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $50.00.
Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. Franklin Electric had a return on equity of 13.09% and a net margin of 8.13%. The company had revenue of $311.11 million during the quarter, compared to the consensus estimate of $317.54 million. During the same period last year, the company earned $0.48 earnings per share. The firm’s revenue was up 29.8% compared to the same quarter last year. research analysts predict that Franklin Electric will post 1.89 EPS for the current fiscal year.
In related news, VP Donald P. Kenney sold 4,754 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $45.00, for a total transaction of $213,930.00. Following the completion of the sale, the vice president now owns 19,129 shares of the company’s stock, valued at $860,805. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.54% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. grew its stake in Franklin Electric by 8.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 286,570 shares of the industrial products company’s stock valued at $13,154,000 after acquiring an additional 22,344 shares during the period. California Public Employees Retirement System boosted its position in shares of Franklin Electric by 6.7% during the third quarter. California Public Employees Retirement System now owns 125,857 shares of the industrial products company’s stock valued at $5,645,000 after buying an additional 7,957 shares during the last quarter. Earnest Partners LLC boosted its position in shares of Franklin Electric by 1.9% during the third quarter. Earnest Partners LLC now owns 2,291,853 shares of the industrial products company’s stock valued at $102,790,000 after buying an additional 43,036 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Franklin Electric by 17.2% during the third quarter. Allianz Asset Management GmbH now owns 271,839 shares of the industrial products company’s stock valued at $12,192,000 after buying an additional 39,806 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of Franklin Electric by 1.3% during the third quarter. KBC Group NV now owns 87,215 shares of the industrial products company’s stock valued at $3,912,000 after buying an additional 1,143 shares during the last quarter. 76.91% of the stock is owned by hedge funds and other institutional investors.
Franklin Electric Company Profile
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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