Franklin Electric Co. (NASDAQ:FELE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $45.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 13.92% from the stock’s current price.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Separately, Boenning Scattergood upgraded Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price target on the stock in a research note on Monday, July 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $36.00.
Franklin Electric (NASDAQ:FELE) opened at 39.50 on Monday. The stock’s 50 day moving average price is $38.92 and its 200 day moving average price is $35.43. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 25.65 and a beta of 1.62. Franklin Electric has a 12 month low of $23.75 and a 12 month high of $41.13.
Franklin Electric (NASDAQ:FELE) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. The firm had revenue of $252.10 million for the quarter, compared to the consensus estimate of $255.60 million. Franklin Electric had a return on equity of 13.27% and a net margin of 8.07%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the business posted $0.35 EPS. Equities research analysts anticipate that Franklin Electric will post $1.66 earnings per share for the current fiscal year.
In other news, Director David M. Wathen sold 4,498 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $38.28, for a total value of $172,183.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Delancey W. Davis sold 1,422 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $37.32, for a total value of $53,069.04. The disclosure for this sale can be found here. 2.67% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in FELE. BlackRock Fund Advisors increased its position in shares of Franklin Electric by 1.3% in the second quarter. BlackRock Fund Advisors now owns 2,654,688 shares of the company’s stock valued at $87,737,000 after buying an additional 34,643 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Franklin Electric by 10.4% in the second quarter. Neuberger Berman Group LLC now owns 1,805,375 shares of the company’s stock valued at $59,668,000 after buying an additional 170,665 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Franklin Electric by 6.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,688,600 shares of the company’s stock valued at $55,808,000 after buying an additional 95,675 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Franklin Electric by 8.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,535,291 shares of the company’s stock valued at $50,740,000 after buying an additional 119,649 shares during the last quarter. Finally, Royce & Associates LP increased its position in shares of Franklin Electric by 4.4% in the first quarter. Royce & Associates LP now owns 1,363,428 shares of the company’s stock valued at $43,861,000 after buying an additional 57,328 shares during the last quarter. Institutional investors and hedge funds own 78.91% 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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