MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Position in Franklin Electric Co., Inc. $FELE

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Franklin Electric Co., Inc. by 8.3% during the first quarter, owning 34,870 shares valued at approximately $3.27 million.
• Analysts have set a new consensus price target of $107.00 for Franklin Electric, with Robert W. Baird upgrading the company to a "neutral" rating.
• Franklin Electric recently announced a quarterly dividend of $0.265 per share, reflecting an annual yield of 1.1%, in addition to a share buyback program allowing for the repurchase of up to 1.2 million shares.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 8.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,870 shares of the industrial products company's stock after purchasing an additional 2,675 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.08% of Franklin Electric worth $3,274,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position 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 worth $28,000 after purchasing an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Franklin Electric during the 1st quarter worth about $46,000. Public Employees Retirement System of Ohio bought a new position in shares of Franklin Electric during the 4th quarter worth about $52,000. Covestor Ltd boosted its position in shares of Franklin Electric by 27.4% during the 1st quarter. Covestor Ltd now owns 731 shares of the industrial products company's stock worth $69,000 after purchasing an additional 157 shares in the last quarter. Finally, USA Financial Formulas boosted its position in shares of Franklin Electric by 50.0% during the 1st quarter. USA Financial Formulas now owns 900 shares of the industrial products company's stock worth $84,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 79.98% of the company's stock.

Franklin Electric Stock Up 1.9%

NASDAQ:FELE traded up $1.76 on Thursday, hitting $96.17. The stock had a trading volume of 194,462 shares, compared to its average volume of 192,401. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.77 and a current ratio of 1.72. The stock has a market cap of $4.28 billion, a P/E ratio of 24.85, a price-to-earnings-growth ratio of 1.90 and a beta of 1.07. 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 $94.93 and its two-hundred day simple moving average is $91.93.

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

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

Franklin Electric Announces Dividend

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

Insider Buying and Selling

In other Franklin Electric news, insider Jonathan M. Grandon sold 10,036 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $98.03, for a total value of $983,829.08. Following the completion of the sale, the insider owned 8,171 shares in the company, valued at approximately $801,003.13. This trade represents a 55.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.72% of the company's stock.

Analyst Upgrades and Downgrades

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

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.