Franklin Electric (NASDAQ:FELE) Updates FY 2024 Earnings Guidance

Franklin Electric (NASDAQ:FELE - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.220-4.400 for the period, compared to the consensus EPS estimate of 4.330. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion. Franklin Electric also updated its FY24 guidance to $4.22-4.40 EPS.

Franklin Electric Trading Down 6.8 %

Shares of FELE traded down $6.97 during mid-day trading on Tuesday, hitting $96.27. The company had a trading volume of 429,161 shares, compared to its average volume of 184,613. Franklin Electric has a 1-year low of $82.61 and a 1-year high of $107.89. The company has a quick ratio of 1.20, a current ratio of 2.97 and a debt-to-equity ratio of 0.07. The business's 50-day simple moving average is $102.35 and its 200-day simple moving average is $95.87. The stock has a market cap of $4.43 billion, a PE ratio of 23.42, a P/E/G ratio of 1.98 and a beta of 0.96.

Franklin Electric (NASDAQ:FELE - Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.02). Franklin Electric had a net margin of 9.36% and a return on equity of 16.67%. The company had revenue of $472.97 million for the quarter, compared to analysts' expectations of $490.47 million. During the same period in the prior year, the firm earned $0.84 earnings per share. The firm's quarterly revenue was down 3.4% on a year-over-year basis. Sell-side analysts forecast that Franklin Electric will post 4.32 earnings per share for the current year.

Franklin Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric's dividend payout ratio (DPR) is presently 24.33%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

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.