Franklin Electric (NASDAQ:FELE) Price Target Raised to $90.00 at DA Davidson

Franklin Electric (NASDAQ:FELE) had its price target hoisted by DA Davidson from $87.00 to $90.00 in a research report released on Wednesday, Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock. DA Davidson also issued estimates for Franklin Electric’s Q2 2024 earnings at $1.28 EPS.

Other research analysts also recently issued reports about the company. Northcoast Research raised Franklin Electric from a neutral rating to a buy rating and set a $110.00 target price on the stock in a report on Friday, February 23rd. Robert W. Baird lifted their target price on Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Finally, StockNews.com downgraded Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $100.00.

Franklin Electric Trading Up 0.2 %

NASDAQ FELE opened at $98.90 on Wednesday. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 1.90 and a beta of 0.99. Franklin Electric has a twelve month low of $82.61 and a twelve month high of $107.89. The business’s fifty day moving average is $102.32 and its 200 day moving average is $95.98. The company has a quick ratio of 1.20, a current ratio of 2.85 and a debt-to-equity ratio of 0.07.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.04). The company had revenue of $460.90 million for the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a return on equity of 15.86% and a net margin of 9.25%. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 earnings per share. As a group, sell-side analysts expect that Franklin Electric will post 4.28 EPS for the current fiscal year.

Franklin Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s dividend payout ratio is 24.88%.

Insider Activity

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the transaction, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at approximately $15,493,100.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.72% of the stock is owned by company insiders.

Institutional Trading of Franklin Electric

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC increased its position in Franklin Electric by 35.3% in the 4th quarter. Signaturefd LLC now owns 541 shares of the industrial products company’s stock valued at $52,000 after buying an additional 141 shares in the last quarter. Arizona State Retirement System increased its position in Franklin Electric by 1.3% in the 3rd quarter. Arizona State Retirement System now owns 11,179 shares of the industrial products company’s stock valued at $998,000 after buying an additional 143 shares in the last quarter. GAMMA Investing LLC increased its position in Franklin Electric by 88.0% in the 1st quarter. GAMMA Investing LLC now owns 314 shares of the industrial products company’s stock valued at $34,000 after buying an additional 147 shares in the last quarter. Bridge City Capital LLC increased its position in Franklin Electric by 0.8% in the 1st quarter. Bridge City Capital LLC now owns 21,399 shares of the industrial products company’s stock valued at $2,286,000 after buying an additional 166 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Franklin Electric by 5.1% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 4,548 shares of the industrial products company’s stock valued at $406,000 after buying an additional 222 shares in the last quarter. 79.98% of the stock is owned by institutional investors.

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.