DA Davidson Raises Franklin Electric (NASDAQ:FELE) Price Target to $90.00

Franklin Electric (NASDAQ:FELE) had its price objective boosted by DA Davidson from $87.00 to $90.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock. DA Davidson also issued estimates for Franklin Electric’s Q2 2024 earnings at $1.28 EPS.

Several other brokerages have also commented on FELE. Robert W. Baird boosted their price target on Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. StockNews.com lowered Franklin Electric from a strong-buy rating to a buy rating in a research note on Sunday, January 14th. Finally, Northcoast Research raised 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. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $100.00.

Franklin Electric Stock Performance

FELE opened at $98.90 on Wednesday. The stock has a market cap of $4.56 billion, a PE ratio of 24.60, a P/E/G ratio of 1.90 and a beta of 0.99. The company has a current ratio of 2.85, a quick ratio of 1.20 and a debt-to-equity ratio of 0.07. Franklin Electric has a 1 year low of $82.61 and a 1 year high of $107.89. The stock’s 50 day simple moving average is $102.32 and its 200-day simple moving average is $95.98.

Franklin Electric (NASDAQ:FELE) last released its quarterly earnings data 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). The firm had revenue of $460.90 million for the quarter, compared to the consensus estimate of $477.64 million. Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. Sell-side analysts forecast that Franklin Electric will post 4.28 EPS for the current year.

Franklin Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s dividend payout ratio is currently 24.88%.

Insiders Place Their Bets

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the transaction, the chief executive officer now owns 154,993 shares of the company’s stock, valued at $15,493,100.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Franklin Electric

Several large investors have recently made changes to their positions in FELE. Commonwealth Equity Services LLC lifted its stake in shares of Franklin Electric by 4.3% during the third quarter. Commonwealth Equity Services LLC now owns 7,427 shares of the industrial products company’s stock valued at $663,000 after acquiring an additional 306 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Franklin Electric by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,359 shares of the industrial products company’s stock valued at $746,000 after acquiring an additional 581 shares during the period. Strs Ohio lifted its stake in shares of Franklin Electric by 164.6% during the third quarter. Strs Ohio now owns 12,700 shares of the industrial products company’s stock valued at $1,133,000 after acquiring an additional 7,900 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Franklin Electric by 3.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,435 shares of the industrial products company’s stock valued at $2,091,000 after acquiring an additional 734 shares during the period. Finally, Park Avenue Securities LLC acquired a new position in shares of Franklin Electric during the third quarter valued at $250,000. Institutional investors and hedge funds own 79.98% of the company’s stock.

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.