Deprince Race & Zollo Inc. cut its stake in shares of Franklin Electric Co. (NASDAQ:FELE) by 6.9% during the second quarter, Holdings Channel reports. The institutional investor owned 435,111 shares of the company’s stock after selling 32,028 shares during the period. Deprince Race & Zollo Inc.’s holdings in Franklin Electric were worth $14,380,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Capstone Asset Management Co. raised its position in shares of Franklin Electric by 1.3% in the second quarter. Capstone Asset Management Co. now owns 11,845 shares of the company’s stock valued at $391,000 after buying an additional 150 shares in the last quarter. NEXT Financial Group Inc boosted its stake in Franklin Electric by 42.7% in the second quarter. NEXT Financial Group Inc now owns 5,177 shares of the company’s stock valued at $171,000 after buying an additional 1,550 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Franklin Electric by 124.9% in the second quarter. BNP Paribas Arbitrage SA now owns 12,421 shares of the company’s stock valued at $411,000 after buying an additional 6,898 shares during the last quarter. Kennedy Capital Management Inc. boosted its stake in Franklin Electric by 99.6% in the first quarter. Kennedy Capital Management Inc. now owns 171,107 shares of the company’s stock valued at $5,505,000 after buying an additional 85,364 shares during the last quarter. Finally, State Street Corp boosted its stake in Franklin Electric by 2.2% in the first quarter. State Street Corp now owns 889,243 shares of the company’s stock valued at $28,601,000 after buying an additional 19,335 shares during the last quarter. Hedge funds and other institutional investors own 78.91% of the company’s stock.
Shares of Franklin Electric Co. (NASDAQ:FELE) traded up 0.92% on Wednesday, hitting $40.58. The stock had a trading volume of 153,104 shares. The company’s 50 day moving average is $38.79 and its 200 day moving average is $35.19. Franklin Electric Co. has a one year low of $23.75 and a one year high of $41.13. The stock has a market cap of $1.88 billion, a PE ratio of 26.35 and a beta of 1.62.
Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. The firm earned $252.10 million during the quarter, compared to analysts’ expectations of $255.60 million. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. Equities research analysts predict that Franklin Electric Co. will post $1.66 EPS for the current fiscal year.
Several research firms recently issued reports on FELE. Zacks Investment Research cut Franklin Electric from a “buy” rating to a “hold” rating in a report on Tuesday, September 6th. Boenning Scattergood upgraded Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price objective on the stock in a report on Monday, July 11th. Finally, Seaport Global Securities cut Franklin Electric from an “accumulate” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Friday, June 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $35.60.
In related news, insider Robert J. Stone sold 10,000 shares of the stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $40.03, for a total transaction of $400,300.00. Following the completion of the transaction, the insider now directly owns 36,359 shares of the company’s stock, valued at $1,455,450.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David M. Wathen sold 4,498 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $38.28, for a total transaction of $172,183.44. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.
About Franklin Electric
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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