Franklin Electric Co., Inc. $FELE Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Franklin Electric by 1.1%, now holding approximately $47.71 million in shares.
• Several institutional investors, including Covestor Ltd with a 27.4% increase, have recently modified their positions in Franklin Electric, indicating strong institutional interest.
• Franklin Electric announced a quarterly dividend of $0.265 per share, reflecting a 1.1% yield, and has also approved a share repurchase plan for up to 1.2 million shares.

Northern Trust Corp cut its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 1.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 508,190 shares of the industrial products company's stock after selling 5,706 shares during the period. Northern Trust Corp owned about 1.11% of Franklin Electric worth $47,709,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Farther Finance Advisors LLC grew its stake in shares of Franklin Electric by 168.5% during the first quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Franklin Electric in the first quarter worth about $46,000. Public Employees Retirement System of Ohio acquired a new position in Franklin Electric in the fourth quarter worth about $52,000. Covestor Ltd grew its stake in Franklin Electric by 27.4% in the first 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 grew its stake in Franklin Electric by 50.0% in the first 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. 79.98% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Franklin Electric news, Director David M. Wathen sold 24,000 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $86.10, for a total value of $2,066,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David M. Wathen sold 25,000 shares of Franklin Electric stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $85.25, for a total transaction of $2,131,250.00. Following the completion of the transaction, the director directly owned 24,000 shares in the company, valued at $2,046,000. This represents a 51.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,438 shares of company stock worth $7,346,238. 2.72% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FELE has been the subject of a number of research reports. Wall Street Zen upgraded Franklin Electric from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Robert W. Baird lifted their price target on Franklin Electric from $94.00 to $107.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, Franklin Electric has a consensus rating of "Hold" and an average target price of $107.00.

Franklin Electric Stock Performance

NASDAQ FELE traded down $1.06 during trading hours on Friday, reaching $97.86. The company's stock had a trading volume of 163,661 shares, compared to its average volume of 231,282. Franklin Electric Co., Inc. has a 52 week low of $78.87 and a 52 week high of $111.94. 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 cap of $4.35 billion, a PE ratio of 25.29, a PEG ratio of 1.99 and a beta of 1.08. The business has a 50-day simple moving average of $93.57 and a 200 day simple moving average of $92.52.

Franklin Electric (NASDAQ:FELE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $566.61 million. Franklin Electric has set its FY 2025 guidance at 3.950-4.250 EPS. Equities research analysts predict that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current fiscal year.

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

Franklin Electric Announces Dividend

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

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.