Franklin Electric Co. (FELE) Holdings Reduced by Zebra Capital Management LLC
Zebra Capital Management LLC trimmed its position in shares of Franklin Electric Co. (NASDAQ:FELE) by 14.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,251 shares of the industrial products company’s stock after selling 3,809 shares during the quarter. Zebra Capital Management LLC’s holdings in Franklin Electric were worth $1,049,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE lifted its position in shares of Franklin Electric by 1.5% during the second quarter. Bank of America Corp DE now owns 280,503 shares of the industrial products company’s stock worth $12,651,000 after purchasing an additional 4,096 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Franklin Electric during the second quarter worth $345,000. Earnest Partners LLC lifted its position in shares of Franklin Electric by 0.3% during the second quarter. Earnest Partners LLC now owns 2,137,877 shares of the industrial products company’s stock worth $96,418,000 after purchasing an additional 6,258 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of Franklin Electric by 1.3% during the second quarter. Gabelli Funds LLC now owns 380,500 shares of the industrial products company’s stock worth $17,161,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Franklin Electric by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,705,353 shares of the industrial products company’s stock worth $76,912,000 after purchasing an additional 32,696 shares during the last quarter. 78.47% of the stock is owned by institutional investors.
FELE has been the subject of several research analyst reports. Zacks Investment Research upgraded Franklin Electric from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Friday, June 1st. ValuEngine upgraded Franklin Electric from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. DA Davidson initiated coverage on Franklin Electric in a report on Monday, June 11th. They issued a “neutral” rating and a $50.00 price objective for the company. Finally, BidaskClub upgraded Franklin Electric from a “sell” rating to a “hold” rating in a report on Wednesday, May 23rd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $48.80.
Franklin Electric (NASDAQ:FELE) last released its quarterly earnings data on Tuesday, July 24th. The industrial products company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.05). The firm had revenue of $344.00 million during the quarter, compared to the consensus estimate of $348.65 million. Franklin Electric had a net margin of 6.80% and a return on equity of 13.65%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 earnings per share. sell-side analysts anticipate that Franklin Electric Co. will post 2.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 16th. Investors of record on Thursday, August 2nd were issued a $0.12 dividend. The ex-dividend date was Wednesday, August 1st. This represents a $0.48 annualized dividend and a dividend yield of 0.97%. Franklin Electric’s payout ratio is currently 25.00%.
In other Franklin Electric news, VP Donald P. Kenney sold 1,500 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $49.00, for a total value of $73,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven William Aikman sold 3,500 shares of the business’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $49.89, for a total transaction of $174,615.00. Following the completion of the transaction, the vice president now owns 18,515 shares of the company’s stock, valued at $923,713.35. The disclosure for this sale can be found here. Insiders own 2.54% 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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