Franklin Electric (NASDAQ:FELE) Issues FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $4.22-4.40 for the period, compared to the consensus EPS estimate of $4.33. The company issued revenue guidance of $2.10-2.17 billion, compared to the consensus revenue estimate of $2.12 billion. Franklin Electric also updated its FY 2024 guidance to 4.220-4.400 EPS.

Wall Street Analyst Weigh In

Several research analysts have commented on FELE shares. Robert W. Baird lifted their price target on Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a research report on Wednesday, February 14th. DA Davidson lifted their price target on Franklin Electric from $87.00 to $90.00 and gave the stock a neutral rating in a research report on Wednesday. Northcoast Research raised Franklin Electric from a neutral rating to a buy rating and set a $110.00 target price on the stock in a report on Friday, February 23rd. Finally, StockNews.com raised Franklin Electric from a buy rating to a strong-buy rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $100.00.

Franklin Electric Stock Performance

Shares of NASDAQ:FELE traded up $0.65 during trading on Thursday, reaching $98.25. The company had a trading volume of 44,600 shares, compared to its average volume of 184,274. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.85 and a quick ratio of 1.20. Franklin Electric has a fifty-two week low of $82.61 and a fifty-two week high of $107.89. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 24.30, a price-to-earnings-growth ratio of 1.86 and a beta of 0.99. The stock’s fifty day moving average price is $102.34 and its 200 day moving average price is $95.88.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The business had revenue of $460.90 million during the quarter, compared to analysts’ expectations of $477.64 million. During the same quarter last year, the firm earned $0.79 earnings per share. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. As a group, equities research analysts predict that Franklin Electric will post 4.32 EPS for the current year.

Franklin Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be paid a $0.25 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.02%. Franklin Electric’s dividend payout ratio (DPR) is presently 24.88%.

Insider Activity at Franklin Electric

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the sale, the chief executive officer now directly owns 154,993 shares in the company, valued at $15,493,100.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company 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.