Intech Investment Management LLC Raises Position in Franklin Electric Co., Inc. $FELE

Key Points

• Intech Investment Management LLC increased its stake in Franklin Electric by 11.4%, acquiring an additional 3,717 shares, bringing its total ownership to approximately 0.08% valued at $3.4 million.
• Several large investors also adjusted their holdings in Franklin Electric, with Farther Finance Advisors LLC increasing its position by 168.5% during the same period.
• Franklin Electric declared a quarterly dividend of $0.265 per share, representing an annualized yield of 1.1%, and initiated a stock buyback plan for up to 1,200,000 shares.

Intech Investment Management LLC increased its stake in Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,294 shares of the industrial products company's stock after acquiring an additional 3,717 shares during the period. Intech Investment Management LLC owned approximately 0.08% of Franklin Electric worth $3,407,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in Franklin Electric by 168.5% in the first quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company's stock worth $28,000 after acquiring an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Franklin Electric during the first quarter valued at approximately $46,000. Public Employees Retirement System of Ohio purchased a new position in shares of Franklin Electric during the fourth quarter valued at approximately $52,000. Covestor Ltd boosted its position in shares of Franklin Electric by 27.4% during the first quarter. Covestor Ltd now owns 731 shares of the industrial products company's stock valued at $69,000 after buying an additional 157 shares during the period. Finally, USA Financial Formulas raised its stake 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 valued at $84,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 79.98% of the company's stock.

Insider Activity

In related news, insider Jonathan M. Grandon sold 10,036 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $98.03, for a total value of $983,829.08. Following the transaction, the insider directly owned 8,171 shares of the company's stock, valued at $801,003.13. This represents a 55.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.72% of the stock is currently owned by insiders.

Franklin Electric Stock Up 0.2%

Shares of FELE traded up $0.23 during midday trading on Tuesday, hitting $94.80. 248,732 shares of the company's stock traded hands, compared to its average volume of 260,687. 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 moving average is $94.78 and its 200-day moving average is $91.93. The company has a current ratio of 1.72, a quick ratio of 0.77 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 24.50, a price-to-earnings-growth ratio of 1.91 and a beta of 1.07.

Franklin Electric (NASDAQ:FELE - Get Free Report) last released its earnings results on Tuesday, July 29th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.03. Franklin Electric had a return on equity of 14.05% and a net margin of 8.71%.The firm had revenue of $587.43 million for the quarter, compared to the consensus estimate of $566.61 million. Franklin Electric has set its FY 2025 guidance at 3.950-4.250 EPS. As a group, sell-side analysts anticipate that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current year.

Franklin Electric announced that its board has approved a share buyback plan on Friday, June 13th that allows the company to buyback 1,200,000 outstanding shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Franklin Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, August 7th. Franklin Electric's dividend payout ratio is presently 27.39%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FELE. Robert W. Baird lifted their price target on shares of Franklin Electric from $94.00 to $107.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Franklin Electric from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $107.00.

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.