Franklin Electric (NASDAQ:FELE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Franklin Electric (NASDAQ:FELE) from a hold rating to a buy rating in a research report released on Sunday,Wall Street Zen reports.

FELE has been the topic of several other reports. Weiss Ratings upgraded shares of Franklin Electric from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. DA Davidson reiterated a “neutral” rating and issued a $105.00 target price on shares of Franklin Electric in a report on Wednesday, September 9th. Finally, Robert W. Baird boosted their target price on Franklin Electric from $118.00 to $124.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Franklin Electric has a consensus rating of “Hold” and an average target price of $114.50.

Franklin Electric Stock Down 0.5%

NASDAQ FELE opened at $98.07 on Friday. The firm’s 50-day moving average is $98.83 and its two-hundred day moving average is $100.24. Franklin Electric has a 12 month low of $89.54 and a 12 month high of $115.82.

Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.11. The company had revenue of $622.88 million for the quarter, compared to analyst estimates of $605.92 million. Franklin Electric’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.31 earnings per share. On average, equities analysts anticipate that Franklin Electric will post 4.67 EPS for the current year.

Franklin Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be issued a $0.28 dividend. The ex-dividend date is Thursday, November 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.1%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Franklin Electric in the 2nd quarter valued at about $698,173,000. Dimensional Fund Advisors LP grew its position in shares of Franklin Electric by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,009,687 shares of the industrial products company’s stock worth $93,059,000 after buying an additional 36,268 shares in the last quarter. Amundi grew its position in shares of Franklin Electric by 25.2% during the first quarter. Amundi now owns 881,425 shares of the industrial products company’s stock worth $81,225,000 after buying an additional 177,433 shares in the last quarter. Bank of America Corp DE raised its holdings in Franklin Electric by 11.0% in the first quarter. Bank of America Corp DE now owns 824,085 shares of the industrial products company’s stock valued at $75,956,000 after acquiring an additional 81,988 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its holdings in Franklin Electric by 81.4% in the first quarter. Segall Bryant & Hamill LLC now owns 481,906 shares of the industrial products company’s stock valued at $44,417,000 after acquiring an additional 216,250 shares in the last quarter. 79.98% of the stock is owned by institutional investors and hedge funds.

About Franklin Electric

Franklin Electric Co, Inc (NASDAQ: FELE) designs, manufactures and distributes systems and components used to move, manage and control water and other fluids. The company serves residential, agricultural, commercial, industrial and municipal customers through products such as submersible pumps, motors, pumping systems, drives, controls, monitoring equipment and water-treatment solutions.

Its Water Systems business provides equipment for groundwater and surface-water applications, including well pumps, pressure systems, wastewater and dewatering products, and related controls and accessories.