Franklin Electric (NASDAQ:FELE) Sets New 52-Week Low on Disappointing Earnings

Franklin Electric Co., Inc. (NASDAQ:FELE)’s share price reached a new 52-week low on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $78.87 and last traded at $81.40, with a volume of 36975 shares traded. The stock had previously closed at $88.65.

The industrial products company reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.06). Franklin Electric had a return on equity of 14.46% and a net margin of 8.92%. During the same quarter in the previous year, the company earned $0.70 EPS. The company’s revenue was down 1.2% compared to the same quarter last year.

Franklin Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Thursday, May 8th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.30%. Franklin Electric’s payout ratio is 27.53%.

Insider Activity

In other news, insider Delancey W. Davis sold 961 shares of Franklin Electric stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $103.14, for a total transaction of $99,117.54. Following the completion of the sale, the insider now directly owns 7,701 shares of the company’s stock, valued at approximately $794,281.14. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Franklin Electric

A number of hedge funds and other institutional investors have recently modified their holdings of FELE. Vanguard Group Inc. grew its holdings in shares of Franklin Electric by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,769,582 shares of the industrial products company’s stock valued at $464,796,000 after purchasing an additional 45,174 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Franklin Electric by 0.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,045,534 shares of the industrial products company’s stock worth $194,551,000 after purchasing an additional 11,715 shares during the period. Allianz Asset Management GmbH increased its position in Franklin Electric by 21.6% during the 4th quarter. Allianz Asset Management GmbH now owns 811,682 shares of the industrial products company’s stock valued at $79,098,000 after purchasing an additional 143,917 shares during the period. Norges Bank bought a new position in Franklin Electric in the fourth quarter worth about $56,968,000. Finally, Northern Trust Corp lifted its holdings in Franklin Electric by 11.0% in the fourth quarter. Northern Trust Corp now owns 513,896 shares of the industrial products company’s stock worth $50,079,000 after buying an additional 50,750 shares during the period. 79.98% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Electric Price Performance

The company has a current ratio of 2.22, a quick ratio of 1.06 and a debt-to-equity ratio of 0.01. The stock has a market cap of $3.72 billion, a PE ratio of 21.24, a P/E/G ratio of 2.11 and a beta of 1.02. The business has a fifty day simple moving average of $94.96 and a two-hundred day simple moving average of $99.59.

About Franklin Electric

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.