Franklin Electric (NASDAQ:FELE) Price Target Raised to $90.00 at DA Davidson

Franklin Electric (NASDAQ:FELE) had its price target raised by DA Davidson from $87.00 to $90.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Several other research firms have also issued reports on FELE. Robert W. Baird upped their target price on Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. StockNews.com lowered Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Finally, Northcoast Research upgraded Franklin Electric from a neutral rating to a buy rating and set a $110.00 target price on the stock in a report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Franklin Electric has a consensus rating of Moderate Buy and a consensus price target of $100.00.

Franklin Electric Stock Performance

Shares of Franklin Electric stock opened at $97.60 on Wednesday. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 23.75, a price-to-earnings-growth ratio of 1.99 and a beta of 0.96. The stock’s 50-day moving average is $102.34 and its 200-day moving average is $95.88. Franklin Electric has a one year low of $82.61 and a one year high of $107.89. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.97 and a quick ratio of 1.20.

Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.04). Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The company had revenue of $460.90 million for the quarter, compared to the consensus estimate of $477.64 million. During the same quarter in the previous year, the company posted $0.79 EPS. The business’s revenue was down 4.9% on a year-over-year basis. Equities analysts predict that Franklin Electric will post 4.32 earnings per share for the current fiscal year.

Franklin Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.00 annualized dividend and a yield of 1.02%. Franklin Electric’s dividend payout ratio is 24.33%.

Insider Buying and Selling at Franklin Electric

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the sale, the chief executive officer now owns 154,993 shares in the company, valued at $15,493,100.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Franklin Electric

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Franklin Electric by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 4,720,914 shares of the industrial products company’s stock valued at $456,276,000 after purchasing an additional 64,487 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Franklin Electric by 0.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,975,228 shares of the industrial products company’s stock valued at $210,974,000 after purchasing an additional 13,955 shares during the last quarter. King Luther Capital Management Corp grew its position in shares of Franklin Electric by 1.3% in the fourth quarter. King Luther Capital Management Corp now owns 1,167,116 shares of the industrial products company’s stock valued at $112,802,000 after purchasing an additional 14,944 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Franklin Electric by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,072,466 shares of the industrial products company’s stock valued at $103,656,000 after purchasing an additional 30,966 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Franklin Electric by 6.2% in the third quarter. Invesco Ltd. now owns 615,008 shares of the industrial products company’s stock valued at $54,877,000 after purchasing an additional 36,114 shares during the last quarter. Institutional investors and hedge funds own 79.98% of the company’s stock.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. The company operates through Water Systems, Fueling Systems, and Distribution segments. The Water Systems segment offers submersible motors, drives, pumps, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.