BTIM Corp. reduced its position in Franklin Electric Co. (NASDAQ:FELE) by 24.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 454,185 shares of the industrial products company’s stock after selling 150,654 shares during the quarter. BTIM Corp. owned approximately 0.98% of Franklin Electric worth $23,205,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in Franklin Electric by 10.8% in the fourth quarter. Geode Capital Management LLC now owns 490,437 shares of the industrial products company’s stock valued at $21,029,000 after buying an additional 47,858 shares during the last quarter. Norges Bank bought a new position in shares of Franklin Electric during the fourth quarter valued at approximately $23,579,000. Amalgamated Bank bought a new position in shares of Franklin Electric during the fourth quarter valued at approximately $307,000. Millennium Management LLC grew its holdings in shares of Franklin Electric by 241.0% during the fourth quarter. Millennium Management LLC now owns 81,377 shares of the industrial products company’s stock valued at $3,489,000 after purchasing an additional 57,511 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Franklin Electric by 3.2% during the fourth quarter. Legal & General Group Plc now owns 95,645 shares of the industrial products company’s stock valued at $4,091,000 after purchasing an additional 2,955 shares during the last quarter. 78.53% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ FELE opened at $51.78 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.27 and a quick ratio of 1.04. The company has a market cap of $2.38 billion, a PE ratio of 22.91, a price-to-earnings-growth ratio of 4.22 and a beta of 1.37. Franklin Electric Co. has a 12-month low of $38.87 and a 12-month high of $55.59.
Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings data on Tuesday, February 19th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The business had revenue of $316.66 million during the quarter, compared to the consensus estimate of $309.68 million. Franklin Electric had a return on equity of 14.72% and a net margin of 8.16%. The business’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. On average, analysts predict that Franklin Electric Co. will post 2.41 earnings per share for the current year.
FELE has been the subject of several recent research reports. Zacks Investment Research raised Franklin Electric from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. BidaskClub raised Franklin Electric from a “sell” rating to a “hold” rating in a report on Friday, December 21st. ValuEngine raised Franklin Electric from a “hold” rating to a “buy” rating in a report on Friday, February 15th. Finally, Boenning Scattergood reaffirmed a “buy” rating and set a $54.00 target price on shares of Franklin Electric in a report on Tuesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Franklin Electric presently has an average rating of “Hold” and an average price target of $52.00.
In other news, Director Thomas R. Verhage sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $55.21, for a total transaction of $110,420.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Delancey W. Davis sold 2,705 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $53.75, for a total value of $145,393.75. Following the transaction, the insider now owns 21,349 shares of the company’s stock, valued at $1,147,508.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,090 shares of company stock valued at $706,639. Insiders own 2.88% of the company’s stock.
About Franklin Electric
Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates in three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment.
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