Zacks Investment Research upgraded shares of Franklin Electric Co., Inc. (NASDAQ:FELE) from a sell rating to a hold rating in a research report sent to investors on Wednesday. The brokerage currently has $45.00 target price on the industrial products company’s stock.

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. “

FELE has been the topic of several other research reports. BidaskClub lowered shares of Franklin Electric Co. from a buy rating to a hold rating in a research report on Tuesday, July 25th. Boenning Scattergood restated an outperform rating and issued a $52.00 price target (up previously from $44.00) on shares of Franklin Electric Co. in a research report on Wednesday.

Shares of Franklin Electric Co. (NASDAQ:FELE) opened at 40.05 on Wednesday. The company has a 50-day moving average price of $41.16 and a 200-day moving average price of $40.70. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 21.72 and a beta of 1.62. Franklin Electric Co. has a 1-year low of $34.75 and a 1-year high of $46.50.

Franklin Electric Co. (NASDAQ:FELE) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $0.58 EPS for the quarter, beating the Zacks’ 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 quarter last year, the business earned $0.51 earnings per share. The business’s revenue for the quarter was up 21.1% on a year-over-year basis. On average, equities analysts expect that Franklin Electric Co. will post $1.89 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Thursday, August 3rd will be given a $0.108 dividend. The ex-dividend date is Tuesday, August 1st. This represents a $0.43 annualized dividend and a yield of 1.08%. Franklin Electric Co.’s dividend payout ratio (DPR) is 23.37%.

In other Franklin Electric Co. news, insider Robert J. Stone sold 39,260 shares of Franklin Electric Co. stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $45.00, for a total value of $1,766,700.00. Following the transaction, the insider now owns 39,392 shares in the company, valued at $1,772,640. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Thomas J. Strupp sold 4,876 shares of Franklin Electric Co. stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $39.26, for a total transaction of $191,431.76. Following the completion of the transaction, the insider now owns 10,515 shares in the company, valued at approximately $412,818.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,207 shares of company stock worth $2,262,378. 2.54% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in Franklin Electric Co. by 13.5% in the first quarter. Victory Capital Management Inc. now owns 2,915 shares of the industrial products company’s stock valued at $125,000 after buying an additional 347 shares during the period. Invictus RG acquired a new position in Franklin Electric Co. during the first quarter valued at about $300,000. Principal Financial Group Inc. raised its position in Franklin Electric Co. by 3.8% in the first quarter. Principal Financial Group Inc. now owns 343,110 shares of the industrial products company’s stock valued at $14,771,000 after buying an additional 12,604 shares during the period. State of Tennessee Treasury Department raised its position in Franklin Electric Co. by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 35,960 shares of the industrial products company’s stock valued at $1,548,000 after buying an additional 5,427 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in Franklin Electric Co. by 7.6% in the first quarter. Great West Life Assurance Co. Can now owns 53,545 shares of the industrial products company’s stock valued at $2,302,000 after buying an additional 3,771 shares during the period. Hedge funds and other institutional investors own 78.74% of the company’s stock.

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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