Franklin Electric Co. (FELE) Stock Rating Upgraded by Zacks Investment Research
Franklin Electric Co. (NASDAQ:FELE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $45.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 12.08% from the company’s previous close.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Separately, Boenning Scattergood raised Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research note on Monday, July 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $36.00.
Shares of Franklin Electric (NASDAQ:FELE) traded up 0.55% during mid-day trading on Monday, reaching $40.15. The company’s stock had a trading volume of 143,046 shares. The company has a 50-day moving average of $38.87 and a 200-day moving average of $35.29. The company has a market cap of $1.86 billion, a P/E ratio of 26.07 and a beta of 1.61. Franklin Electric has a 12 month low of $23.75 and a 12 month high of $41.13.
Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. Franklin Electric had a return on equity of 13.27% and a net margin of 8.07%. The firm had revenue of $252.10 million for the quarter, compared to analysts’ expectations of $255.60 million. During the same period last year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts forecast that Franklin Electric will post $1.66 earnings per share for the current fiscal year.
In other Franklin Electric news, insider Robert J. Stone sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $40.03, for a total value of $400,300.00. Following the completion of the sale, the insider now directly owns 36,359 shares in the company, valued at $1,455,450.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert J. Stone sold 7,200 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $38.63, for a total transaction of $278,136.00. Following the completion of the sale, the insider now owns 33,559 shares of the company’s stock, valued at $1,296,384.17. The disclosure for this sale can be found here. Insiders own 2.67% of the company’s stock.
A number of hedge funds have recently modified their holdings of FELE. PineBridge Investments L.P. raised its stake in shares of Franklin Electric by 3.9% in the second quarter. PineBridge Investments L.P. now owns 4,860 shares of the company’s stock valued at $160,000 after buying an additional 184 shares during the period. NEXT Financial Group Inc raised its stake in shares of Franklin Electric by 42.7% in the second quarter. NEXT Financial Group Inc now owns 5,177 shares of the company’s stock valued at $171,000 after buying an additional 1,550 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Franklin Electric by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 5,503 shares of the company’s stock valued at $182,000 after buying an additional 671 shares during the period. Amalgamated Bank bought a new stake in shares of Franklin Electric during the second quarter valued at approximately $202,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Franklin Electric by 1.6% in the second quarter. PNC Financial Services Group Inc. now owns 6,394 shares of the company’s stock valued at $210,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 78.91% of the company’s stock.
About Franklin Electric
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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