Allianz Asset Management GmbH Lowers Stock Position in Franklin Electric Co., Inc. $FELE

Allianz Asset Management GmbH trimmed its stake in Franklin Electric Co., Inc. (NASDAQ:FELE) by 16.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 633,656 shares of the industrial products company’s stock after selling 122,589 shares during the period. Allianz Asset Management GmbH’s holdings in Franklin Electric were worth $60,324,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its position in Franklin Electric by 31.2% in the second quarter. EverSource Wealth Advisors LLC now owns 425 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 101 shares during the period. MAI Capital Management grew its stake in shares of Franklin Electric by 36.5% in the second quarter. MAI Capital Management now owns 490 shares of the industrial products company’s stock valued at $44,000 after buying an additional 131 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Franklin Electric by 24.3% in the 2nd quarter. Osaic Holdings Inc. now owns 608 shares of the industrial products company’s stock valued at $55,000 after buying an additional 119 shares during the period. Covestor Ltd lifted its stake in Franklin Electric by 24.6% during the 3rd quarter. Covestor Ltd now owns 937 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 185 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Franklin Electric by 10.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,235 shares of the industrial products company’s stock valued at $118,000 after acquiring an additional 114 shares during the period. Hedge funds and other institutional investors own 79.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FELE. Weiss Ratings reiterated a “hold (c)” rating on shares of Franklin Electric in a research note on Monday, December 29th. Wall Street Zen raised shares of Franklin Electric from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Finally, Robert W. Baird set a $112.00 price target on shares of Franklin Electric in a research report on Wednesday, October 29th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $112.00.

Franklin Electric Stock Up 1.6%

Shares of NASDAQ:FELE opened at $104.36 on Thursday. Franklin Electric Co., Inc. has a fifty-two week low of $78.87 and a fifty-two week high of $108.08. The firm’s 50 day moving average price is $98.16 and its 200 day moving average price is $96.22. The company has a quick ratio of 1.12, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of 33.99, a price-to-earnings-growth ratio of 1.82 and a beta of 1.08.

Franklin Electric Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Thursday, February 5th will be given a dividend of $0.28 per share. This is an increase from Franklin Electric’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Thursday, February 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.1%. Franklin Electric’s dividend payout ratio is presently 34.53%.

About Franklin Electric

Franklin Electric Co, Inc is a world‐leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.