Marks Group Wealth Management Inc Has $7.71 Million Holdings in Franklin Electric Co., Inc. (NASDAQ:FELE)

Marks Group Wealth Management Inc grew its stake in Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 4.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,145 shares of the industrial products company's stock after acquiring an additional 3,216 shares during the period. Marks Group Wealth Management Inc owned 0.18% of Franklin Electric worth $7,712,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of Franklin Electric by 168.5% in the first quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company's stock valued at $28,000 after buying an additional 182 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Franklin Electric in the fourth quarter valued at approximately $52,000. USA Financial Formulas raised its position in shares of Franklin Electric by 50.0% in the first quarter. USA Financial Formulas now owns 900 shares of the industrial products company's stock valued at $84,000 after buying an additional 300 shares in the last quarter. CWM LLC raised its position in shares of Franklin Electric by 60.7% in the first quarter. CWM LLC now owns 1,175 shares of the industrial products company's stock valued at $110,000 after buying an additional 444 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of Franklin Electric in the fourth quarter valued at approximately $127,000. Institutional investors own 79.98% of the company's stock.

Insider Buying and Selling at Franklin Electric

In related news, Director David M. Wathen sold 25,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $85.25, for a total value of $2,131,250.00. Following the transaction, the director owned 24,000 shares in the company, valued at $2,046,000. The trade was a 51.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David M. Wathen sold 24,000 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $86.10, for a total transaction of $2,066,400.00. The disclosure for this sale can be found here. In the last three months, insiders sold 99,402 shares of company stock worth $8,529,908. 2.72% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Franklin Electric Price Performance

Shares of NASDAQ FELE traded up $0.50 during midday trading on Wednesday, reaching $90.01. 224,075 shares of the company were exchanged, compared to its average volume of 223,785. The stock's 50-day moving average price is $88.36 and its 200-day moving average price is $93.29. The stock has a market cap of $4.10 billion, a P/E ratio of 23.56, a PEG ratio of 1.81 and a beta of 1.07. Franklin Electric Co., Inc. has a one year low of $78.87 and a one year high of $111.94. 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 (NASDAQ:FELE - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $0.67 earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.06). Franklin Electric had a return on equity of 14.08% and a net margin of 8.85%. The company had revenue of $455.25 million for the quarter, compared to the consensus estimate of $471.21 million. During the same period in the previous year, the firm posted $0.70 EPS. The business's quarterly revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current fiscal year.

Franklin Electric declared that its Board of Directors has authorized a stock repurchase plan on Friday, June 13th that authorizes the company to buyback 1,200,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Franklin Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 8th were paid a $0.265 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $1.06 annualized dividend and a dividend yield of 1.18%. Franklin Electric's dividend payout ratio is 27.75%.

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.