Edgestream Partners L.P. lessened its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 31.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,564 shares of the industrial products company's stock after selling 15,532 shares during the quarter. Edgestream Partners L.P. owned approximately 0.08% of Franklin Electric worth $3,245,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. QRG Capital Management Inc. raised its holdings in shares of 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 in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of 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 in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of 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 in the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Franklin Electric by 168.5% during the first quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 182 shares in the last quarter. Institutional investors own 79.98% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Franklin Electric from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Robert W. Baird reduced their price target on Franklin Electric from $111.00 to $94.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th.
Get Our Latest Report on Franklin Electric
Franklin Electric Stock Performance
NASDAQ:FELE traded down $0.70 on Friday, hitting $90.86. The stock had a trading volume of 176,760 shares, compared to its average volume of 223,599. The business's 50-day simple moving average is $88.44 and its two-hundred day simple moving average is $93.25. The company has a quick ratio of 0.82, a current ratio of 1.98 and a debt-to-equity ratio of 0.01. Franklin Electric Co., Inc. has a 52-week low of $78.87 and a 52-week high of $111.94. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 23.79, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07.
Franklin Electric (NASDAQ:FELE - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.06). The company had revenue of $455.25 million during the quarter, compared to the consensus estimate of $471.21 million. Franklin Electric had a return on equity of 14.08% and a net margin of 8.85%. The firm's quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.70 EPS. As a group, research analysts predict that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current year.
Franklin Electric Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 8th were paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, May 8th. Franklin Electric's dividend payout ratio (DPR) is presently 27.75%.
Franklin Electric declared that its Board of Directors has approved a stock buyback plan on Friday, June 13th that allows the company to repurchase 1,200,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.
Insider Activity at Franklin Electric
In other Franklin Electric news, Director David M. Wathen sold 25,000 shares of Franklin Electric stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $85.25, for a total value of $2,131,250.00. Following the sale, the director owned 24,000 shares of the company's stock, valued at $2,046,000. The trade was a 51.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David M. Wathen sold 24,000 shares of Franklin Electric stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $86.10, for a total value of $2,066,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 99,402 shares of company stock worth $8,529,908 in the last three months. 2.72% of the stock is owned by corporate insiders.
About Franklin Electric
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Free Report)
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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