Comerica Bank Decreases Holdings in Franklin Electric Co. (NASDAQ:FELE)

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Comerica Bank trimmed its holdings in shares of Franklin Electric Co. (NASDAQ:FELE) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,523 shares of the industrial products company’s stock after selling 289 shares during the period. Comerica Bank’s holdings in Franklin Electric were worth $1,974,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in FELE. Impax Asset Management Group plc boosted its position in Franklin Electric by 10.1% during the 2nd quarter. Impax Asset Management Group plc now owns 2,872,860 shares of the industrial products company’s stock worth $136,461,000 after purchasing an additional 263,676 shares during the period. Nuveen Asset Management LLC purchased a new stake in Franklin Electric during the 2nd quarter worth $9,727,000. Wells Fargo & Company MN boosted its position in Franklin Electric by 8.5% during the 2nd quarter. Wells Fargo & Company MN now owns 2,017,655 shares of the industrial products company’s stock worth $95,840,000 after purchasing an additional 158,355 shares during the period. AQR Capital Management LLC boosted its position in Franklin Electric by 3,156.7% during the 2nd quarter. AQR Capital Management LLC now owns 137,726 shares of the industrial products company’s stock worth $6,542,000 after purchasing an additional 133,497 shares during the period. Finally, Morgan Stanley boosted its position in Franklin Electric by 60.2% during the 2nd quarter. Morgan Stanley now owns 322,596 shares of the industrial products company’s stock worth $15,325,000 after purchasing an additional 121,166 shares during the period. 77.04% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:FELE opened at $53.06 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.40 and a quick ratio of 1.10. The firm has a 50-day moving average of $49.96 and a two-hundred day moving average of $47.10. The stock has a market cap of $2.49 billion, a P/E ratio of 23.48 and a beta of 1.30. Franklin Electric Co. has a 1-year low of $39.92 and a 1-year high of $55.63.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. The company had revenue of $348.41 million during the quarter, compared to analysts’ expectations of $353.82 million. Franklin Electric had a net margin of 7.62% and a return on equity of 13.46%. 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 $0.64 EPS. As a group, equities analysts expect that Franklin Electric Co. will post 2.16 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a $0.145 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.58 dividend on an annualized basis and a yield of 1.09%. Franklin Electric’s payout ratio is currently 25.66%.

A number of analysts recently weighed in on FELE shares. Seaport Global Securities reaffirmed a “neutral” rating on shares of Franklin Electric in a research report on Tuesday, October 15th. BidaskClub raised shares of Franklin Electric from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Zacks Investment Research raised shares of Franklin Electric from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Franklin Electric presently has a consensus rating of “Hold” and a consensus target price of $54.00.

In other Franklin Electric news, VP Steven William Aikman sold 3,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Delancey W. Davis sold 820 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $48.83, for a total transaction of $40,040.60. Following the completion of the transaction, the insider now directly owns 18,486 shares of the company’s stock, valued at $902,671.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,699 shares of company stock valued at $1,090,336. 2.88% of the stock is currently 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. It operates in three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment.

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Institutional Ownership by Quarter for Franklin Electric (NASDAQ:FELE)

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