New York State Common Retirement Fund Has $33.26 Million Holdings in Franklin Electric Co. (FELE)
New York State Common Retirement Fund raised its stake in Franklin Electric Co. (NASDAQ:FELE) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 741,583 shares of the industrial products company’s stock after buying an additional 25,450 shares during the quarter. New York State Common Retirement Fund owned approximately 1.59% of Franklin Electric worth $33,260,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its holdings in Franklin Electric by 12.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,462 shares of the industrial products company’s stock valued at $102,000 after buying an additional 281 shares in the last quarter. Advisor Group Inc. grew its holdings in shares of Franklin Electric 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 purchasing an additional 116 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Franklin Electric by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,427 shares of the industrial products company’s stock worth $142,000 after purchasing an additional 512 shares during the period. Parametrica Management Ltd purchased a new position in shares of Franklin Electric during the 3rd quarter worth $279,000. Finally, Amalgamated Bank grew its holdings in shares of Franklin Electric by 4.9% during the 2nd quarter. Amalgamated Bank now owns 6,324 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 298 shares during the period. Institutional investors own 78.06% of the company’s stock.
In related news, VP Donald P. Kenney sold 4,754 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $45.00, for a total transaction of $213,930.00. Following the transaction, the vice president now owns 19,129 shares of the company’s stock, valued at approximately $860,805. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.54% of the stock is currently owned by corporate insiders.
Franklin Electric Co. (FELE) opened at $45.35 on Friday. The firm has a market capitalization of $2,110.00, a price-to-earnings ratio of 25.22 and a beta of 1.62. The company has a current ratio of 2.35, a quick ratio of 1.13 and a debt-to-equity ratio of 0.18. Franklin Electric Co. has a twelve month low of $36.00 and a twelve month high of $47.20.
Franklin Electric (NASDAQ:FELE) last released its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $311.11 million during the quarter, compared to analysts’ expectations of $317.54 million. Franklin Electric had a return on equity of 13.09% and a net margin of 8.13%. The company’s revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.48 EPS. research analysts predict that Franklin Electric Co. will post 1.89 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Thursday, November 2nd were paid a dividend of $0.1075 per share. This represents a $0.43 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Wednesday, November 1st. Franklin Electric’s payout ratio is 22.87%.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research cut Franklin Electric from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. Seaport Global Securities reiterated a “neutral” rating on shares of Franklin Electric in a report on Wednesday, October 25th. Robert W. Baird increased their price target on Franklin Electric from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Boenning Scattergood reiterated a “buy” rating on shares of Franklin Electric in a report on Tuesday, October 24th. Finally, BidaskClub cut Franklin Electric from a “hold” rating to a “sell” rating in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $49.33.
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About Franklin Electric
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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