Franklin Electric Co. (FELE) Downgraded to “Sell” at Zacks Investment Research
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 target for the company in a research report on Monday, July 11th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $36.00.
Franklin Electric (NASDAQ:FELE) opened at 38.20 on Tuesday. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 24.81 and a beta of 1.62. Franklin Electric has a 1-year low of $23.75 and a 1-year high of $41.13. The stock has a 50 day moving average price of $38.91 and a 200-day moving average price of $35.67.
Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 EPS for the quarter, topping 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 company earned $252.10 million during the quarter, compared to analysts’ expectations of $255.60 million. During the same quarter in the previous year, the firm posted $0.35 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts forecast that Franklin Electric will post $1.66 EPS for the current year.
In related news, VP Donald P. Kenney sold 1,405 shares of Franklin Electric stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $37.76, for a total value of $53,052.80. Following the completion of the transaction, the vice president now owns 16,127 shares in the company, valued at approximately $608,955.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David M. Wathen sold 4,498 shares of Franklin Electric stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $38.28, for a total value of $172,183.44. The disclosure for this sale can be found here. 2.67% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. PineBridge Investments L.P. raised its position 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 in the last quarter. NEXT Financial Group Inc raised its stake in 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. Amalgamated Bank purchased a new stake in Franklin Electric during the second quarter valued at approximately $202,000. Teacher Retirement System of Texas raised its stake 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 valued at $182,000 after buying an additional 671 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake 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 valued at $210,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 78.90% of the company’s stock.
Franklin Electric Company Profile
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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