Manchester Capital Management LLC Decreases Holdings in Franklin Electric Co., Inc. $FELE

Key Points

• Manchester Capital Management sharply cut its stake in Franklin Electric, selling 10,637 shares and reducing its position by 96.8% to just 354 shares worth about $34,000.
• Franklin Electric reported strong quarterly results, with EPS of $0.83 topping estimates and revenue of $500.44 million beating expectations, while revenue rose 9.9% year over year.
• Despite mixed sentiment from analysts and insider selling, the stock remains supported by heavy institutional ownership of 79.98%, and the company continues to pay a quarterly dividend of $0.28 per share.

Manchester Capital Management LLC lessened its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 96.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 354 shares of the industrial products company's stock after selling 10,637 shares during the period. Manchester Capital Management LLC's holdings in Franklin Electric were worth $34,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas increased its stake in shares of Franklin Electric by 19.4% in the fourth quarter. Teacher Retirement System of Texas now owns 69,988 shares of the industrial products company's stock worth $6,686,000 after purchasing an additional 11,351 shares in the last quarter. Public Sector Pension Investment Board increased its stake in shares of Franklin Electric by 11.5% in the third quarter. Public Sector Pension Investment Board now owns 149,192 shares of the industrial products company's stock worth $14,203,000 after purchasing an additional 15,387 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Franklin Electric by 124.3% in the third quarter. JPMorgan Chase & Co. now owns 205,617 shares of the industrial products company's stock worth $19,575,000 after purchasing an additional 113,962 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in shares of Franklin Electric by 49.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 97,593 shares of the industrial products company's stock worth $9,291,000 after purchasing an additional 32,113 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Franklin Electric by 79.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 375,251 shares of the industrial products company's stock worth $35,848,000 after purchasing an additional 165,646 shares in the last quarter. Hedge funds and other institutional investors own 79.98% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. DA Davidson restated a "neutral" rating and set a $100.00 target price on shares of Franklin Electric in a research report on Wednesday, April 29th. Wall Street Zen upgraded Franklin Electric from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $106.00.

Insider Activity at Franklin Electric

In related news, insider Jonathan M. Grandon sold 8,547 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $103.40, for a total transaction of $883,759.80. Following the completion of the transaction, the insider owned 7,509 shares of the company's stock, valued at approximately $776,430.60. The trade was a 53.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Delancey W. Davis sold 1,900 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $100.00, for a total transaction of $190,000.00. Following the transaction, the insider directly owned 10,402 shares of the company's stock, valued at approximately $1,040,200. This represents a 15.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 19,835 shares of company stock valued at $2,004,982. 2.89% of the stock is owned by corporate insiders.

Franklin Electric Price Performance

Shares of NASDAQ:FELE opened at $99.63 on Thursday. The company has a 50 day moving average of $98.98 and a 200 day moving average of $98.14. The stock has a market cap of $4.40 billion, a P/E ratio of 30.01, a P/E/G ratio of 1.87 and a beta of 1.05. Franklin Electric Co., Inc. has a 12 month low of $84.31 and a 12 month high of $111.53. The company has a current ratio of 2.67, a quick ratio of 1.14 and a debt-to-equity ratio of 0.10.

Franklin Electric (NASDAQ:FELE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $500.44 million during the quarter, compared to analysts' expectations of $479.21 million. Franklin Electric had a net margin of 6.91% and a return on equity of 14.86%. Franklin Electric's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share. Franklin Electric has set its FY 2026 guidance at 4.400-4.600 EPS. As a group, sell-side analysts forecast that Franklin Electric Co., Inc. will post 4.58 EPS for the current fiscal year.

Franklin Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $1.12 annualized dividend and a yield of 1.1%. Franklin Electric's payout ratio is currently 33.73%.

Franklin Electric Company Profile

Franklin Electric Co, Inc is a world‐leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.

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