Franklin Electric Co., Inc. (NASDAQ:FELE) Stock Holdings Lessened by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Franklin Electric by 32.9% during the first quarter, currently holding 10,800 shares valued at approximately $1,014,000.
• The company announced a quarterly dividend of $0.265 per share, with a payout date set for August 21st, representing an annualized yield of 1.14%.
• Franklin Electric's stock has seen significant insider selling, with Director David M. Wathen selling 99,402 shares worth about $8.5 million in the last three months.

KLP Kapitalforvaltning AS cut its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 32.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,800 shares of the industrial products company's stock after selling 5,300 shares during the period. KLP Kapitalforvaltning AS's holdings in Franklin Electric were worth $1,014,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its stake in shares of Franklin Electric by 168.5% during the 1st 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 during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Franklin Electric in the fourth quarter worth $52,000. USA Financial Formulas raised its holdings in shares of Franklin Electric by 50.0% during the first quarter. USA Financial Formulas now owns 900 shares of the industrial products company's stock worth $84,000 after acquiring an additional 300 shares in the last quarter. CWM LLC boosted its position in Franklin Electric by 60.7% during the first quarter. CWM LLC now owns 1,175 shares of the industrial products company's stock valued at $110,000 after purchasing an additional 444 shares during the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new position in Franklin Electric in the fourth quarter valued at about $127,000. 79.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Transactions at Franklin Electric

In other Franklin Electric news, Director David M. Wathen sold 25,402 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $85.22, for a total transaction of $2,164,758.44. Following the transaction, the director owned 49,000 shares in the company, valued at $4,175,780. This trade represents a 34.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David M. Wathen sold 24,000 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was 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 have sold 99,402 shares of company stock worth $8,529,908. 2.72% of the stock is currently owned by insiders.

Franklin Electric Stock Up 0.5%

Franklin Electric stock opened at $93.39 on Tuesday. The company has a current ratio of 1.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Franklin Electric Co., Inc. has a 1-year low of $78.87 and a 1-year high of $111.94. The firm's fifty day simple moving average is $88.86 and its 200-day simple moving average is $93.03. The company has a market capitalization of $4.26 billion, a P/E ratio of 24.45, a P/E/G ratio of 1.88 and a beta of 1.07.

Franklin Electric (NASDAQ:FELE - Get Free Report) last posted its earnings results 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). Franklin Electric had a return on equity of 14.08% and a net margin of 8.85%. The business had revenue of $455.25 million for the quarter, compared to analyst estimates of $471.21 million. During the same period in the previous year, the company earned $0.70 earnings per share. The company's quarterly revenue was down 1.2% compared to the same quarter last year. Sell-side analysts forecast that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current fiscal year.

Franklin Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.14%. Franklin Electric's dividend payout ratio is 27.75%.

Franklin Electric declared that its board has initiated a share repurchase plan on Friday, June 13th that permits the company to repurchase 1,200,000 outstanding shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

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.

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