Assenagon Asset Management S.A. Grows Position in Franklin Electric Co., Inc. (NASDAQ:FELE)

Assenagon Asset Management S.A. increased its position in Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 241.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,362 shares of the industrial products company's stock after acquiring an additional 51,903 shares during the quarter. Assenagon Asset Management S.A. owned about 0.16% of Franklin Electric worth $6,887,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Franklin Electric in the fourth quarter worth approximately $56,968,000. GAMMA Investing LLC lifted its stake in shares of Franklin Electric by 13,673.1% during the 1st quarter. GAMMA Investing LLC now owns 192,548 shares of the industrial products company's stock valued at $18,076,000 after buying an additional 191,150 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Franklin Electric by 21.6% in the 4th quarter. Allianz Asset Management GmbH now owns 811,682 shares of the industrial products company's stock worth $79,098,000 after buying an additional 143,917 shares during the period. Proficio Capital Partners LLC purchased a new stake in Franklin Electric in the 4th quarter worth $134,000. Finally, JPMorgan Chase & Co. increased its stake in Franklin Electric by 60.1% in the 4th quarter. JPMorgan Chase & Co. now owns 247,098 shares of the industrial products company's stock worth $24,080,000 after buying an additional 92,793 shares in the last quarter. 79.98% of the stock is owned by hedge funds and other institutional investors.

Franklin Electric Price Performance

NASDAQ FELE traded up $0.21 on Wednesday, reaching $86.06. The company had a trading volume of 112,716 shares, compared to its average volume of 212,162. The stock has a market capitalization of $3.92 billion, a PE ratio of 22.52, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. Franklin Electric Co., Inc. has a 12 month low of $78.87 and a 12 month 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. The firm's 50 day moving average price is $87.21 and its 200 day moving average price is $95.15.

Franklin Electric (NASDAQ:FELE - Get Free Report) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.06). Franklin Electric had a return on equity of 14.08% and a net margin of 8.85%. The firm had revenue of $455.25 million during the quarter, compared to the consensus estimate of $471.21 million. During the same period last year, the firm posted $0.70 earnings per share. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts predict that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current year.

Franklin Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 8th were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.23%. Franklin Electric's dividend payout ratio is currently 27.75%.

Franklin Electric announced that its Board of Directors has initiated a share repurchase program on Friday, June 13th that authorizes the company to repurchase 1,200,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

FELE has been the topic of several research analyst reports. Wall Street Zen upgraded Franklin Electric from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Robert W. Baird decreased their target price on Franklin Electric from $111.00 to $94.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th.

Insider Activity at Franklin Electric

In other news, Director David M. Wathen sold 24,000 shares of the firm's 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David M. Wathen sold 25,000 shares of Franklin Electric stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $86.70, for a total value of $2,167,500.00. Following the completion of the transaction, the director now owns 74,402 shares of the company's stock, valued at approximately $6,450,653.40. This trade represents a 25.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,402 shares of company stock valued at $8,529,908. 2.72% of the stock is owned by corporate insiders.

Franklin Electric Company 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.