Tortoise Index Solutions LLC Decreases Stock Holdings in Franklin Electric Co., Inc. (NASDAQ:FELE)

Tortoise Index Solutions LLC reduced its position in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,865 shares of the industrial products company’s stock after selling 309 shares during the period. Tortoise Index Solutions LLC’s holdings in Franklin Electric were worth $760,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Franklin Electric during the 4th quarter worth $48,711,000. Charles Schwab Investment Management Inc. raised its stake in Franklin Electric by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 470,526 shares of the industrial products company’s stock worth $45,476,000 after acquiring an additional 8,226 shares in the last quarter. Running Oak Capital LLC raised its stake in Franklin Electric by 17.9% during the 4th quarter. Running Oak Capital LLC now owns 92,593 shares of the industrial products company’s stock worth $8,949,000 after acquiring an additional 14,074 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in Franklin Electric by 37.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 26,778 shares of the industrial products company’s stock worth $2,588,000 after acquiring an additional 7,325 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in Franklin Electric during the 4th quarter worth $740,000. 79.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Northcoast Research upgraded shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Friday, February 23rd. Robert W. Baird lifted their price objective on shares of Franklin Electric from $91.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. DA Davidson lifted their price objective on shares of Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, StockNews.com lowered shares of Franklin Electric from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 9th.

Insider Transactions at Franklin Electric

In other Franklin Electric news, insider Delancey W. Davis sold 2,214 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $102.06, for a total value of $225,960.84. Following the completion of the transaction, the insider now directly owns 8,014 shares of the company’s stock, valued at $817,908.84. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Jonathan M. Grandon sold 1,391 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $98.00, for a total value of $136,318.00. Following the sale, the insider now directly owns 18,103 shares in the company, valued at approximately $1,774,094. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Delancey W. Davis sold 2,214 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $102.06, for a total transaction of $225,960.84. Following the completion of the sale, the insider now directly owns 8,014 shares in the company, valued at $817,908.84. The disclosure for this sale can be found here. Company insiders own 2.72% of the company’s stock.

Franklin Electric Stock Performance

Shares of Franklin Electric stock traded down $0.10 on Tuesday, reaching $95.84. 33,130 shares of the stock were exchanged, compared to its average volume of 178,470. Franklin Electric Co., Inc. has a 1-year low of $82.61 and a 1-year high of $107.89. The company has a current ratio of 2.85, a quick ratio of 1.17 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average price of $100.26 and a two-hundred day moving average price of $98.33. The firm has a market capitalization of $4.42 billion, a PE ratio of 23.87, a PEG ratio of 1.88 and a beta of 0.97.

Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). Franklin Electric had a return on equity of 15.86% and a net margin of 9.25%. The firm had revenue of $460.90 million for the quarter, compared to analyst estimates of $477.64 million. During the same quarter last year, the firm earned $0.79 earnings per share. The company’s revenue was down 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Franklin Electric Co., Inc. will post 4.27 earnings per share for the current fiscal year.

Franklin Electric Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.04%. Franklin Electric’s dividend payout ratio (DPR) is 24.88%.

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.