Raymond James Financial Inc. Makes New Investment in Franklin Electric Co., Inc. (NASDAQ:FELE)

Raymond James Financial Inc. purchased a new position in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 28,550 shares of the industrial products company's stock, valued at approximately $2,782,000. Raymond James Financial Inc. owned approximately 0.06% of Franklin Electric as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of FELE. Spire Wealth Management acquired a new position in Franklin Electric during the fourth quarter worth about $29,000. Trust Co. of Vermont bought a new stake in shares of Franklin Electric during the 4th quarter valued at approximately $40,000. Blue Trust Inc. increased its position in Franklin Electric by 66.2% during the 4th quarter. Blue Trust Inc. now owns 497 shares of the industrial products company's stock worth $52,000 after purchasing an additional 198 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Franklin Electric by 189.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 642 shares of the industrial products company's stock valued at $62,000 after purchasing an additional 420 shares during the last quarter. Finally, ORG Partners LLC boosted its position in Franklin Electric by 150.2% in the fourth quarter. ORG Partners LLC now owns 833 shares of the industrial products company's stock valued at $81,000 after buying an additional 500 shares in the last quarter. 79.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price target on Franklin Electric from $111.00 to $94.00 and set a "neutral" rating for the company in a research note on Wednesday.

Franklin Electric Trading Up 0.5 %

Shares of NASDAQ:FELE traded up $0.39 during midday trading on Thursday, hitting $85.35. 337,397 shares of the stock were exchanged, compared to its average volume of 203,148. The business's 50-day moving average price is $94.15 and its 200 day moving average price is $99.39. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 22.17, a P/E/G ratio of 2.11 and a beta of 1.02. Franklin Electric Co., Inc. has a 12 month low of $78.87 and a 12 month high of $111.94. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.06 and a current ratio of 2.22.

Franklin Electric (NASDAQ:FELE - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.06). Franklin Electric had a net margin of 8.92% and a return on equity of 14.46%. The business had revenue of $455.25 million for the quarter, compared to the consensus estimate of $471.21 million. During the same period in the previous year, the business posted $0.70 EPS. Franklin Electric's revenue was down 1.2% on a year-over-year basis. Analysts predict that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current year.

Franklin Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 8th will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $1.06 annualized dividend and a dividend yield of 1.24%. Franklin Electric's payout ratio is 27.75%.

Insider Transactions at Franklin Electric

In other news, insider Delancey W. Davis sold 961 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $103.14, for a total transaction of $99,117.54. Following the transaction, the insider now owns 7,701 shares of the company's stock, valued at $794,281.14. This represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.72% of the company's stock.

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.