Principal Financial Group Inc. cut its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) by 5.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 324,813 shares of the industrial products company’s stock after selling 18,587 shares during the quarter. Principal Financial Group Inc.’s holdings in Franklin Electric were worth $30,714,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in FELE. Morgan Stanley lifted its holdings in Franklin Electric by 41.9% during the 2nd quarter. Morgan Stanley now owns 343,829 shares of the industrial products company’s stock worth $27,720,000 after buying an additional 101,548 shares during the period. Raymond James & Associates lifted its stake in shares of Franklin Electric by 9.9% in the 3rd quarter. Raymond James & Associates now owns 3,089 shares of the industrial products company’s stock valued at $247,000 after purchasing an additional 279 shares during the period. Swiss National Bank lifted its stake in shares of Franklin Electric by 0.8% in the 3rd quarter. Swiss National Bank now owns 87,300 shares of the industrial products company’s stock valued at $6,971,000 after purchasing an additional 700 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Franklin Electric in the 3rd quarter valued at about $233,000. Finally, First Horizon Advisors Inc. lifted its stake in shares of Franklin Electric by 227.2% in the 3rd quarter. First Horizon Advisors Inc. now owns 2,081 shares of the industrial products company’s stock valued at $75,000 after purchasing an additional 1,445 shares during the period. 77.59% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Franklin Electric stock opened at $71.36 on Friday. Franklin Electric Co., Inc. has a one year low of $68.27 and a one year high of $96.95. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 21.69 and a beta of 1.03. The business has a 50-day simple moving average of $79.02 and a 200 day simple moving average of $85.74. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.70 and a quick ratio of 0.62.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 19th. Investors of record on Thursday, May 5th will be given a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Wednesday, May 4th. Franklin Electric’s payout ratio is 23.71%.
FELE has been the topic of a number of recent analyst reports. StockNews.com raised Franklin Electric from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Boenning Scattergood raised Franklin Electric from a “neutral” rating to an “outperform” rating and set a $95.00 price objective on the stock in a research note on Wednesday, March 9th. Seaport Res Ptn raised Franklin Electric from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 27th. Robert W. Baird dropped their price objective on Franklin Electric from $93.00 to $86.00 in a research note on Wednesday, April 27th. Finally, Zacks Investment Research lowered Franklin Electric from a “hold” rating to a “sell” rating in a research report on Thursday, May 5th.
In other Franklin Electric news, insider Delancey W. Davis sold 3,075 shares of the business’s stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $85.30, for a total transaction of $262,297.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffery L. Taylor acquired 2,000 shares of the firm’s stock in a transaction on Monday, May 9th. The shares were bought at an average cost of $70.36 per share, with a total value of $140,720.00. Following the completion of the acquisition, the chief financial officer now directly owns 12,539 shares in the company, valued at approximately $882,244.04. The disclosure for this purchase can be found here. Insiders own 3.10% of the company’s stock.
Franklin Electric Company Profile (Get Rating)
Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates through three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.
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