Franklin Electric Co., Inc. (FELE) Stock Rating Lowered by Zacks Investment Research
Franklin Electric Co., Inc. (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Other analysts have also issued reports about the stock. BidaskClub lowered shares of Franklin Electric Co. from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Boenning Scattergood reiterated an “outperform” rating and set a $52.00 target price (up from $44.00) on shares of Franklin Electric Co. in a research report on Wednesday, July 26th. Finally, Robert W. Baird reiterated a “hold” rating and set a $45.00 target price on shares of Franklin Electric Co. in a research report on Wednesday.
Shares of Franklin Electric Co. (FELE) traded down 1.63% during midday trading on Friday, hitting $45.15. 147,713 shares of the stock were exchanged. Franklin Electric Co. has a 12-month low of $34.75 and a 12-month high of $46.95. The firm has a market cap of $2.10 billion, a P/E ratio of 24.54 and a beta of 1.63. The stock’s 50 day moving average is $41.01 and its 200 day moving average is $40.61.
Franklin Electric Co. (NASDAQ:FELE) last issued its earnings results on Tuesday, July 25th. The industrial products company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. Franklin Electric Co. had a net margin of 8.62% and a return on equity of 13.10%. The business had revenue of $305.35 million for the quarter, compared to analyst estimates of $310.13 million. During the same period in the previous year, the business earned $0.51 EPS. The firm’s revenue was up 21.1% on a year-over-year basis. On average, equities research analysts forecast that Franklin Electric Co. will post $1.92 earnings per share for the current fiscal year.
In related news, insider Robert J. Stone sold 39,260 shares of Franklin Electric Co. stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $45.00, for a total transaction of $1,766,700.00. Following the completion of the transaction, the insider now directly owns 39,392 shares of the company’s stock, valued at approximately $1,772,640. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.54% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FELE. Public Employees Retirement System of Ohio raised its stake in shares of Franklin Electric Co. by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 2,462 shares of the industrial products company’s stock worth $102,000 after acquiring an additional 281 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Franklin Electric Co. by 8.0% during the 1st quarter. Fifth Third Bancorp now owns 2,638 shares of the industrial products company’s stock worth $114,000 after buying an additional 196 shares during the period. Victory Capital Management Inc. grew its position in shares of Franklin Electric Co. by 13.5% during the 1st quarter. Victory Capital Management Inc. now owns 2,915 shares of the industrial products company’s stock worth $125,000 after buying an additional 347 shares during the period. Advisor Group Inc. grew its position in shares of Franklin Electric Co. by 3.9% during the 2nd quarter. Advisor Group Inc. now owns 3,071 shares of the industrial products company’s stock worth $127,000 after buying an additional 116 shares during the period. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of Franklin Electric Co. during the 1st quarter worth approximately $171,000. 77.00% of the stock is owned by institutional investors.
About Franklin Electric Co.
Franklin Electric Co, Inc designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices.
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