Envestnet Asset Management Inc. Sells 8,255 Shares of Franklin Electric Co., Inc. (NASDAQ:FELE)

Envestnet Asset Management Inc. decreased its holdings in Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 197,864 shares of the industrial products company's stock after selling 8,255 shares during the period. Envestnet Asset Management Inc. owned about 0.43% of Franklin Electric worth $18,576,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Principal Financial Group Inc. increased its holdings in shares of Franklin Electric by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 209,887 shares of the industrial products company's stock valued at $19,704,000 after purchasing an additional 4,675 shares during the period. Mutual Advisors LLC increased its holdings in Franklin Electric by 18.4% in the first quarter. Mutual Advisors LLC now owns 4,576 shares of the industrial products company's stock worth $408,000 after buying an additional 710 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Franklin Electric by 0.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,045,534 shares of the industrial products company's stock worth $194,551,000 after buying an additional 11,715 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in Franklin Electric by 3.7% in the first quarter. GHP Investment Advisors Inc. now owns 64,456 shares of the industrial products company's stock worth $6,051,000 after buying an additional 2,291 shares during the last quarter. Finally, Running Oak Capital LLC increased its holdings in Franklin Electric by 13.6% in the first quarter. Running Oak Capital LLC now owns 150,273 shares of the industrial products company's stock worth $14,108,000 after buying an additional 18,009 shares during the last quarter. Institutional investors and hedge funds own 79.98% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FELE shares. Wall Street Zen upgraded Franklin Electric from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Robert W. Baird lowered their price target on Franklin Electric from $111.00 to $94.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th.

Insiders Place Their Bets

In other news, Director David M. Wathen sold 25,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the director directly owned 24,000 shares in the company, valued at approximately $2,046,000. This represents a 51.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David M. Wathen sold 24,000 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were 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 99,402 shares of company stock worth $8,529,908 over the last quarter. 2.72% of the stock is currently owned by corporate insiders.

Franklin Electric Stock Performance

NASDAQ FELE traded down $0.70 on Friday, reaching $90.86. The stock had a trading volume of 176,760 shares, compared to its average volume of 224,228. The firm has a fifty day moving average of $88.52 and a two-hundred day moving average of $93.18. The company has a market cap of $4.14 billion, a P/E ratio of 23.79, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.98 and a quick ratio of 0.82. Franklin Electric Co., Inc. has a 1-year low of $78.87 and a 1-year high of $111.94.

Franklin Electric (NASDAQ:FELE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.06). The business had revenue of $455.25 million for 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%. Franklin Electric's quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share. On average, equities research analysts anticipate that Franklin Electric Co., Inc. will post 4.19 EPS for the current year.

Franklin Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 8th were issued a dividend of $0.265 per share. The ex-dividend date was Thursday, May 8th. This represents a $1.06 dividend on an annualized basis and a yield of 1.17%. Franklin Electric's dividend payout ratio (DPR) is currently 27.75%.

Franklin Electric declared that its board has initiated a share buyback program on Friday, June 13th that permits the company to repurchase 1,200,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Franklin Electric 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.