Assenagon Asset Management S.A. Trims Stock Position in Franklin Electric Co., Inc. $FELE

Key Points

• Assenagon Asset Management cut its Franklin Electric stake by 31.5% in the first quarter, selling 118,024 shares and leaving it with 257,227 shares valued at about $23.7 million.
• Franklin Electric reported better-than-expected quarterly results, with EPS of $0.83 versus $0.77 expected and revenue of $500.44 million, up 9.9% year over year.
• Several insiders sold shares recently, including Delancey W. Davis and Jonathan M. Grandon, while analysts currently maintain a consensus Hold rating with a $106 target price.

Assenagon Asset Management S.A. lessened its stake in Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 31.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 257,227 shares of the industrial products company's stock after selling 118,024 shares during the quarter. Assenagon Asset Management S.A. owned about 0.58% of Franklin Electric worth $23,709,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FELE. Quarry LP bought a new position in Franklin Electric during the 3rd quarter worth approximately $28,000. Aster Capital Management DIFC Ltd acquired a new stake in Franklin Electric in the 4th quarter valued at approximately $35,000. EverSource Wealth Advisors LLC raised its position in shares of Franklin Electric by 31.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 425 shares of the industrial products company's stock worth $38,000 after buying an additional 101 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Franklin Electric by 213.1% in the 4th quarter. Farther Finance Advisors LLC now owns 454 shares of the industrial products company's stock worth $43,000 after acquiring an additional 309 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Franklin Electric in the fourth quarter valued at approximately $48,000. 79.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FELE has been the subject of a number of research analyst reports. DA Davidson restated a "neutral" rating and issued a $100.00 target price on shares of Franklin Electric in a research report on Tuesday, June 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Franklin Electric in a research report on Tuesday, June 9th. Finally, Wall Street Zen upgraded Franklin Electric from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Franklin Electric currently has a consensus rating of "Hold" and a consensus target price of $106.00.

Insiders Place Their Bets

In other news, insider Delancey W. Davis sold 1,900 shares of Franklin Electric stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $100.00, for a total transaction of $190,000.00. Following the sale, the insider directly owned 10,402 shares in the company, valued at approximately $1,040,200. The trade was a 15.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan M. Grandon sold 8,547 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $103.40, for a total value of $883,759.80. Following the completion of the sale, the insider owned 7,509 shares in the company, valued at $776,430.60. This trade represents a 53.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,835 shares of company stock worth $2,004,982 over the last quarter. 2.89% of the stock is currently owned by company insiders.

Franklin Electric Price Performance

NASDAQ FELE opened at $107.89 on Friday. The stock has a market capitalization of $4.77 billion, a PE ratio of 32.50, a price-to-earnings-growth ratio of 1.98 and a beta of 1.05. The company has a 50 day moving average price of $100.68 and a two-hundred day moving average price of $98.93. The company has a quick ratio of 1.14, a current ratio of 2.67 and a debt-to-equity ratio of 0.10. Franklin Electric Co., Inc. has a 12-month low of $88.63 and a 12-month high of $111.53.

Franklin Electric (NASDAQ:FELE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. Franklin Electric had a net margin of 6.91% and a return on equity of 14.86%. The firm had revenue of $500.44 million during the quarter, compared to analysts' expectations of $479.21 million. During the same period in the prior year, the company posted $0.67 earnings per share. Franklin Electric's revenue for the quarter was up 9.9% on a year-over-year basis. Franklin Electric has set its FY 2026 guidance at 4.400-4.600 EPS. As a group, equities analysts predict that Franklin Electric Co., Inc. will post 4.58 earnings per share for the current fiscal year.

Franklin Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, May 7th. Franklin Electric's dividend payout ratio is currently 33.73%.

Franklin Electric Company Profile

Franklin Electric Co, Inc is a world‐leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.

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