Allspring Global Investments Holdings LLC Boosts Holdings in Franklin Electric Co., Inc. $FELE

Key Points

• Allspring Global Investments Holdings LLC increased its holdings in Franklin Electric Co., Inc. by 1.5% during the second quarter, owning 4.55% of the company worth approximately $190.48 million.
• Franklin Electric recently announced a quarterly dividend of $0.265 per share, reflecting an annualized dividend yield of 1.2% and a payout ratio of 27.39%.
• The company's stock currently has a consensus target price of $107.00, with recent analyst upgrades suggesting a shift in market sentiment.

Allspring Global Investments Holdings LLC boosted its position in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 1.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,075,516 shares of the industrial products company's stock after acquiring an additional 29,982 shares during the period. Allspring Global Investments Holdings LLC owned 4.55% of Franklin Electric worth $190,480,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. QRG Capital Management Inc. lifted its position in Franklin Electric by 10.6% during the first quarter. QRG Capital Management Inc. now owns 5,815 shares of the industrial products company's stock valued at $546,000 after acquiring an additional 558 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Franklin Electric by 19.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,653 shares of the industrial products company's stock valued at $343,000 after acquiring an additional 594 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Franklin Electric by 50.3% during the first quarter. Janney Montgomery Scott LLC now owns 4,928 shares of the industrial products company's stock valued at $463,000 after acquiring an additional 1,650 shares during the last quarter. GAMMA Investing LLC lifted its position in Franklin Electric by 46.7% during the first quarter. GAMMA Investing LLC now owns 2,051 shares of the industrial products company's stock valued at $193,000 after acquiring an additional 653 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Franklin Electric by 168.5% during the 1st quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 79.98% of the company's stock.

Analysts Set New Price Targets

FELE has been the topic of a number of recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Franklin Electric in a research note on Saturday, September 27th. Wall Street Zen upgraded shares of Franklin Electric from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, Robert W. Baird upped their price target on shares of Franklin Electric from $94.00 to $107.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $107.00.

Franklin Electric Stock Down 1.5%

NASDAQ:FELE opened at $91.76 on Monday. The firm has a market capitalization of $4.08 billion, a P/E ratio of 23.71, a PEG ratio of 1.85 and a beta of 1.08. Franklin Electric Co., Inc. has a 1-year low of $78.87 and a 1-year high of $111.94. The company's fifty day moving average price is $95.73 and its 200-day moving average price is $91.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.72 and a quick ratio of 0.77.

Franklin Electric (NASDAQ:FELE - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $1.31 earnings per share for the quarter, topping 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 net margin of 8.71% and a return on equity of 14.05%. Franklin Electric has set its FY 2025 guidance at 3.950-4.250 EPS. As a group, equities research analysts anticipate that Franklin Electric Co., Inc. will post 4.19 EPS for the current year.

Franklin Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a $0.265 dividend. The ex-dividend date was Thursday, August 7th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.2%. Franklin Electric's dividend payout ratio is presently 27.39%.

Insider Buying and Selling at Franklin Electric

In other news, insider Jonathan M. Grandon sold 10,036 shares of the stock in a transaction on Wednesday, August 13th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.72% of the stock is owned by insiders.

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.

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