Allianz Asset Management GmbH Sells 77,740 Shares of Franklin Electric Co., Inc. $FELE

Key Points

• Allianz Asset Management GmbH has decreased its stake in Franklin Electric Co., Inc. by 9.3%, selling 77,740 shares and retaining a total of 756,245 shares worth approximately $67.87 million.
• Several research analysts have upgraded Franklin Electric, with Wall Street Zen changing their rating from "hold" to "buy" and Robert W. Baird raising the price target to $107.00.
• Franklin Electric announced a quarterly dividend of $0.265 per share, reflecting an annualized yield of 1.1%, with a current payout ratio of 27.39%.

Allianz Asset Management GmbH cut its position in Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 9.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 756,245 shares of the industrial products company's stock after selling 77,740 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.66% of Franklin Electric worth $67,865,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in Franklin Electric by 168.5% in the first quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company's stock worth $28,000 after purchasing an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Franklin Electric in the first quarter worth about $46,000. Covestor Ltd raised its holdings in Franklin Electric by 27.4% in the first quarter. Covestor Ltd now owns 731 shares of the industrial products company's stock worth $69,000 after purchasing an additional 157 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Franklin Electric by 42.2% in the first quarter. Smartleaf Asset Management LLC now owns 913 shares of the industrial products company's stock worth $86,000 after purchasing an additional 271 shares in the last quarter. Finally, CWM LLC raised its holdings in Franklin Electric by 60.7% in the first quarter. CWM LLC now owns 1,175 shares of the industrial products company's stock worth $110,000 after purchasing an additional 444 shares in the last quarter. 79.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on FELE. Wall Street Zen upgraded shares of Franklin Electric from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Robert W. Baird upped their price objective on shares of Franklin Electric from $94.00 to $107.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Franklin Electric in a report on Tuesday. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $107.00.

Insider Buying and Selling

In related news, insider Jonathan M. Grandon sold 10,036 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $98.03, for a total value of $983,829.08. Following the sale, the insider owned 8,171 shares in the company, valued at $801,003.13. This represents a 55.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.72% of the stock is currently owned by corporate insiders.

Franklin Electric Price Performance

Shares of NASDAQ FELE opened at $96.30 on Friday. The business's 50 day moving average price is $95.79 and its 200 day moving average price is $91.37. The firm has a market cap of $4.28 billion, a P/E ratio of 24.88, a P/E/G ratio of 1.93 and a beta of 1.08. Franklin Electric Co., Inc. has a 52 week low of $78.87 and a 52 week high of $111.94. The company has a quick ratio of 0.77, a current ratio of 1.72 and a debt-to-equity ratio of 0.01.

Franklin Electric (NASDAQ:FELE - Get Free Report) last issued its earnings results on Tuesday, July 29th. The industrial products company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. The firm had revenue of $587.43 million for the quarter, compared to analyst estimates of $566.61 million. Franklin Electric had a return on equity of 14.05% and a net margin of 8.71%. Franklin Electric has set its FY 2025 guidance at 3.950-4.250 EPS. On average, sell-side analysts expect that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current year.

Franklin Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a $0.265 dividend. The ex-dividend date was Thursday, August 7th. This represents a $1.06 dividend on an annualized basis and a yield of 1.1%. Franklin Electric's dividend payout ratio is currently 27.39%.

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.

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