Franklin Electric (NASDAQ:FELE) Announces Quarterly Earnings Results

Franklin Electric (NASDAQ:FELE - Get Free Report) announced its quarterly earnings results on Tuesday. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.04), Briefing.com reports. The company had revenue of $460.90 million during the quarter, compared to analysts' expectations of $477.64 million. Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The firm's revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.79 EPS. Franklin Electric updated its FY24 guidance to $4.22-4.40 EPS and its FY 2024 guidance to 4.220-4.400 EPS.

Franklin Electric Trading Up 1.4 %

FELE stock traded up $1.33 during mid-day trading on Wednesday, reaching $97.60. The company had a trading volume of 306,311 shares, compared to its average volume of 185,511. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.97 and a quick ratio of 1.20. The firm has a 50 day moving average of $102.35 and a 200 day moving average of $95.87. Franklin Electric has a 12 month low of $82.61 and a 12 month high of $107.89. The company has a market capitalization of $4.49 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 1.99 and a beta of 0.96.

Franklin Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a $0.25 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. Franklin Electric's dividend payout ratio is currently 24.33%.

Insider Activity

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the transaction, the chief executive officer now directly owns 154,993 shares in the company, valued at $15,493,100.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.72% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FELE. Northcoast Research upgraded shares of Franklin Electric from a "neutral" rating to a "buy" rating and set a $110.00 target price on the stock in a research report on Friday, February 23rd. Robert W. Baird upped their target price on shares of Franklin Electric from $91.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, February 14th. StockNews.com lowered shares of Franklin Electric from a "strong-buy" rating to a "buy" rating in a research report on Sunday, January 14th. Finally, DA Davidson increased their price objective on shares of Franklin Electric from $87.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, Franklin Electric currently has a consensus rating of "Moderate Buy" and a consensus price target of $100.00.

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.