Franklin Electric Co. (FELE) Downgraded by Zacks Investment Research
Franklin Electric Co. (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 upgraded shares of Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price objective for the company in a research note on Monday, July 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Franklin Electric currently has an average rating of “Hold” and an average price target of $36.00.
Shares of Franklin Electric (NASDAQ:FELE) traded up 0.51% during trading on Wednesday, hitting $39.70. 53,754 shares of the stock traded hands. Franklin Electric has a 1-year low of $23.75 and a 1-year high of $41.13. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 25.78 and a beta of 1.62. The stock has a 50 day moving average price of $38.92 and a 200-day moving average price of $35.43.
Franklin Electric (NASDAQ:FELE) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. The company earned $252.10 million during the quarter, compared to analyst estimates of $255.60 million. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. Franklin Electric’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 EPS. Equities analysts forecast that Franklin Electric will post $1.66 EPS for the current year.
In other Franklin Electric news, Director David M. Wathen sold 4,498 shares of Franklin Electric stock in a transaction on Monday, August 1st. The shares were sold at an average price of $38.28, for a total transaction of $172,183.44. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Thomas J. Strupp sold 5,082 shares of Franklin Electric stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $37.52, for a total transaction of $190,676.64. Following the transaction, the vice president now directly owns 29,023 shares in the company, valued at $1,088,942.96. The disclosure for this sale can be found here. 2.67% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. PineBridge Investments L.P. increased its position in Franklin Electric by 3.9% in the second quarter. PineBridge Investments L.P. now owns 4,860 shares of the company’s stock worth $160,000 after buying an additional 184 shares in the last quarter. NEXT Financial Group Inc increased its position in Franklin Electric by 42.7% in the second quarter. NEXT Financial Group Inc now owns 5,177 shares of the company’s stock worth $171,000 after buying an additional 1,550 shares in the last quarter. Amalgamated Bank purchased a new position in Franklin Electric during the second quarter worth about $202,000. Teacher Retirement System of Texas increased its position in Franklin Electric by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 5,503 shares of the company’s stock worth $182,000 after buying an additional 671 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Franklin Electric by 1.6% in the second quarter. PNC Financial Services Group Inc. now owns 6,394 shares of the company’s stock worth $210,000 after buying an additional 100 shares in the last quarter. 78.91% of the stock is currently owned by hedge funds and other institutional investors.
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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