Franklin Electric Co. (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Separately, Boenning Scattergood upgraded Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price target on the stock in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $36.00.
Franklin Electric (NASDAQ:FELE) traded down 0.52% during trading on Tuesday, hitting $38.20. 91,460 shares of the company’s stock traded hands. The company’s 50 day moving average price is $38.92 and its 200 day moving average price is $35.62. The company has a market cap of $1.77 billion, a PE ratio of 24.81 and a beta of 1.61. Franklin Electric has a 52-week low of $23.75 and a 52-week high of $41.13.
Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The firm had revenue of $252.10 million for the quarter, compared to analysts’ expectations of $255.60 million. Franklin Electric had a return on equity of 13.27% and a net margin of 8.07%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 EPS. Analysts expect that Franklin Electric will post $1.66 earnings per share for the current year.
In related news, VP Delancey W. Davis sold 1,422 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $37.32, for a total value of $53,069.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Thomas J. Strupp sold 5,082 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $37.52, for a total value of $190,676.64. Following the completion of the transaction, the vice president now owns 29,023 shares in the company, valued at $1,088,942.96. The disclosure for this sale can be found here. 2.67% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in shares of Franklin Electric by 1.3% in the second quarter. BlackRock Fund Advisors now owns 2,654,688 shares of the company’s stock valued at $87,737,000 after buying an additional 34,643 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Franklin Electric by 10.4% in the second quarter. Neuberger Berman Group LLC now owns 1,805,375 shares of the company’s stock valued at $59,668,000 after buying an additional 170,665 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Franklin Electric by 6.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,688,600 shares of the company’s stock valued at $55,808,000 after buying an additional 95,675 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Franklin Electric by 8.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,535,291 shares of the company’s stock valued at $50,740,000 after buying an additional 119,649 shares during the period. Finally, Impax Asset Management LTD boosted its position in shares of Franklin Electric by 4.4% in the second quarter. Impax Asset Management LTD now owns 1,165,047 shares of the company’s stock valued at $38,503,000 after buying an additional 49,093 shares during the period. Institutional investors own 78.90% of the company’s stock.
About Franklin Electric
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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