Zacks Investment Research upgraded shares of Franklin Electric Co. (NASDAQ:FELE) from a hold rating to a buy rating in a report published on Monday morning. Zacks Investment Research currently has $45.00 price objective on the stock.
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 objective for the company in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $36.00.
Shares of Franklin Electric (NASDAQ:FELE) traded down 0.75% during midday trading on Monday, reaching $39.85. The company’s stock had a trading volume of 14,257 shares. Franklin Electric has a one year low of $23.75 and a one year high of $41.13. The firm has a 50-day moving average of $38.90 and a 200-day moving average of $35.40. The stock has a market cap of $1.84 billion, a PE ratio of 25.88 and a beta of 1.61.
Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Franklin Electric had a return on equity of 13.27% and a net margin of 8.07%. The firm had revenue of $252.10 million for the quarter, compared to analyst estimates of $255.60 million. During the same period in the previous year, the firm earned $0.35 earnings per share. The company’s revenue was up 1.9% compared to the same quarter last year. On average, analysts forecast that Franklin Electric will post $1.66 EPS for the current year.
In related news, VP Delancey W. Davis sold 1,422 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $37.32, for a total transaction of $53,069.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David M. Wathen sold 4,498 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $38.28, for a total value of $172,183.44. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.
A number of large investors have recently made changes to their positions in FELE. Mason Street Advisors LLC bought a new stake in shares of Franklin Electric during the second quarter valued at about $248,000. Cove Street Capital LLC increased its stake in shares of Franklin Electric by 14.0% in the second quarter. Cove Street Capital LLC now owns 518,244 shares of the company’s stock valued at $17,128,000 after buying an additional 63,647 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Franklin Electric by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 198,733 shares of the company’s stock valued at $6,569,000 after buying an additional 2,766 shares during the period. Amalgamated Bank bought a new stake in shares of Franklin Electric during the second quarter valued at about $202,000. Finally, Legal & General Group Plc increased its stake in shares of Franklin Electric by 24.7% in the second quarter. Legal & General Group Plc now owns 11,119 shares of the company’s stock valued at $362,000 after buying an additional 2,200 shares during the period. Institutional investors and hedge funds own 78.91% of the company’s stock.
Franklin Electric Company Profile
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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