Assenagon Asset Management S.A. Purchases 42,357 Shares of Franklin Electric Co., Inc. $FELE

Key Points

• Assenagon Asset Management S.A. increased its stake in Franklin Electric Co., Inc. by 57.7% in the second quarter, acquiring an additional 42,357 shares for a total of 115,719 shares valued at approximately $10.39 million.
• Franklin Electric announced a quarterly dividend of $0.265 per share, reflecting an annualized dividend yield of 1.1%, and its board has initiated a stock buyback program for up to 1.2 million shares.
• The company reported Q2 earnings of $1.31 EPS, exceeding the expected $1.28, and set its FY 2025 EPS guidance between $3.950-4.250.

Assenagon Asset Management S.A. increased its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 57.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 115,719 shares of the industrial products company's stock after acquiring an additional 42,357 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.25% of Franklin Electric worth $10,385,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FELE. Allspring Global Investments Holdings LLC increased its position in shares of Franklin Electric by 0.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,045,534 shares of the industrial products company's stock valued at $194,551,000 after purchasing an additional 11,715 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Franklin Electric by 2.7% in the 1st quarter. Allianz Asset Management GmbH now owns 833,985 shares of the industrial products company's stock worth $78,295,000 after purchasing an additional 22,303 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Franklin Electric by 1.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 511,965 shares of the industrial products company's stock worth $48,063,000 after purchasing an additional 8,190 shares during the period. Nuveen LLC bought a new stake in shares of Franklin Electric in the 1st quarter worth approximately $41,837,000. Finally, Principal Financial Group Inc. increased its position in Franklin Electric by 2.3% in the first quarter. Principal Financial Group Inc. now owns 209,887 shares of the industrial products company's stock worth $19,704,000 after buying an additional 4,675 shares during the last quarter. 79.98% of the stock is currently owned by institutional investors.

Franklin Electric Stock Performance

Franklin Electric stock opened at $94.99 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.72 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $4.23 billion, a PE ratio of 24.55, a P/E/G ratio of 1.92 and a beta of 1.07. The firm has a fifty day simple moving average of $95.21 and a two-hundred day simple moving average of $91.75. Franklin Electric Co., Inc. has a twelve month low of $78.87 and a twelve month high of $111.94.

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

Franklin Electric Announces Dividend

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

Franklin Electric announced that its board has initiated a stock buyback program on Friday, June 13th that allows the company to repurchase 1,200,000 outstanding shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Franklin Electric from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Robert W. Baird raised their price target on Franklin Electric from $94.00 to $107.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target 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 on Wednesday, August 13th. The shares were sold at an average price of $98.03, for a total transaction of $983,829.08. Following the completion of the sale, the insider directly owned 8,171 shares in the company, valued at $801,003.13. This represents a 55.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.72% of the stock is owned by corporate 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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