Franklin Electric (NASDAQ:FELE) Issues FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.22-4.40 for the period, compared to the consensus 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.

Franklin Electric Stock Down 6.1 %

NASDAQ FELE traded down $6.26 during mid-day trading on Tuesday, reaching $96.98. The stock had a trading volume of 152,185 shares, compared to its average volume of 181,062. The stock has a market cap of $4.46 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 1.98 and a beta of 0.96. Franklin Electric has a 1 year low of $82.61 and a 1 year high of $107.89. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.97 and a quick ratio of 1.20. The company has a fifty day moving average price of $102.41 and a 200 day moving average price of $95.80.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, February 13th. The industrial products company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.02). Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The business had revenue of $472.97 million during the quarter, compared to analysts’ expectations of $490.47 million. During the same quarter in the prior year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, research analysts expect that Franklin Electric will post 4.32 earnings per share for the current year.

Franklin Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s payout ratio is presently 24.33%.

Analyst Upgrades and Downgrades

FELE has been the topic of several research reports. StockNews.com cut shares of Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Northcoast Research upgraded Franklin Electric from a neutral rating to a buy rating and set a $110.00 price target on the stock in a research note on Friday, February 23rd. Finally, Robert W. Baird upped their price objective on Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Franklin Electric currently has a consensus rating of Moderate Buy and a consensus target price of $100.00.

Insider Buying and Selling at Franklin Electric

In related news, CEO Gregg C. Sengstack sold 10,366 shares of Franklin Electric 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 transaction, 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 Securities & Exchange Commission, which is available through the SEC website. 2.72% of the stock is owned by corporate insiders.

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.