Franklin Electric Co., Inc. $FELE Shares Bought by Summit Global Investments

Summit Global Investments grew its position in Franklin Electric Co., Inc. (NASDAQ:FELE) by 176.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,916 shares of the industrial products company’s stock after acquiring an additional 5,690 shares during the quarter. Summit Global Investments’ holdings in Franklin Electric were worth $849,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FELE. Royal Bank of Canada raised its position in Franklin Electric by 81.6% in the 1st quarter. Royal Bank of Canada now owns 3,997 shares of the industrial products company’s stock valued at $375,000 after purchasing an additional 1,796 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Franklin Electric by 105.5% in the first quarter. AQR Capital Management LLC now owns 25,463 shares of the industrial products company’s stock valued at $2,390,000 after buying an additional 13,075 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Franklin Electric by 30.6% in the first quarter. NewEdge Advisors LLC now owns 5,760 shares of the industrial products company’s stock valued at $541,000 after buying an additional 1,349 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Franklin Electric during the first quarter worth about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Franklin Electric by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 137,162 shares of the industrial products company’s stock worth $12,877,000 after buying an additional 10,862 shares during the last quarter. 79.98% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Electric Stock Performance

NASDAQ FELE opened at $99.62 on Friday. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of 32.45, a PEG ratio of 1.74 and a beta of 1.08. The business’s 50 day moving average is $97.66 and its two-hundred day moving average is $95.91. Franklin Electric Co., Inc. has a 12-month low of $78.87 and a 12-month high of $108.08. The company has a current ratio of 2.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.10.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, October 28th. The industrial products company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.29 by $0.01. Franklin Electric had a return on equity of 14.24% and a net margin of 6.71%.The business had revenue of $581.71 million during the quarter, compared to analysts’ expectations of $563.18 million. During the same period last year, the firm earned $1.17 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. Research analysts expect that Franklin Electric Co., Inc. will post 4.19 EPS for the current year.

Franklin Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, February 5th. This is an increase from Franklin Electric’s previous quarterly dividend of $0.27. Franklin Electric’s payout ratio is presently 34.53%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wall Street Zen raised Franklin Electric from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Robert W. Baird set a $112.00 target price on Franklin Electric in a report on Wednesday, October 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Franklin Electric in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Franklin Electric has a consensus rating of “Hold” and a consensus price target of $112.00.

Franklin Electric Profile

Franklin Electric Co, Inc is a world?leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.