Franklin Electric (NASDAQ:FELE) Issues FY 2024 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.220-4.400 for the period, compared to the consensus EPS estimate of 4.330. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion. Franklin Electric also updated its FY24 guidance to $4.22-4.40 EPS.

Analyst Ratings Changes

Several research firms recently issued reports on FELE. StockNews.com upgraded Franklin Electric from a buy rating to a strong-buy rating in a report on Wednesday. DA Davidson boosted their price objective on Franklin Electric from $87.00 to $90.00 and gave the company a neutral rating in a report on Wednesday. Northcoast Research upgraded Franklin Electric from a neutral rating to a buy rating and set a $110.00 price target on the stock in a report on Friday, February 23rd. Finally, Robert W. Baird upped their price target on Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Franklin Electric has a consensus rating of Moderate Buy and an average target price of $100.00.

Franklin Electric Stock Up 1.2 %

Shares of NASDAQ:FELE traded up $1.15 on Thursday, hitting $98.75. 71,481 shares of the company’s stock were exchanged, compared to its average volume of 184,609. The firm’s 50-day moving average is $102.34 and its 200 day moving average is $95.88. The company has a market capitalization of $4.54 billion, a PE ratio of 24.30, a P/E/G ratio of 1.86 and a beta of 0.99. Franklin Electric has a 1-year low of $82.61 and a 1-year high of $107.89. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.20 and a current ratio of 2.85.

Franklin Electric (NASDAQ:FELE) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.04). The business had revenue of $460.90 million for the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a return on equity of 15.86% and a net margin of 9.25%. The company’s revenue was down 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 earnings per share. Sell-side analysts predict that Franklin Electric will post 4.32 EPS for the current year.

Franklin Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.00 annualized dividend and a dividend yield of 1.01%. Franklin Electric’s dividend payout ratio is currently 24.88%.

Insider Activity at Franklin Electric

In related news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the completion of the sale, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at approximately $15,493,100.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.72% 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. The company operates through Water Systems, Fueling Systems, and Distribution segments. The Water Systems segment offers submersible motors, drives, pumps, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.