Franklin Electric Co., Inc. (FELE) Sees Significant Increase in Short Interest
Franklin Electric Co., Inc. (NASDAQ:FELE) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 762,472 shares, an increase of 33.2% from the October 13th total of 572,592 shares. Based on an average daily trading volume, of 192,570 shares, the short-interest ratio is currently 4.0 days. Currently, 2.0% of the shares of the stock are sold short.
Several research firms have commented on FELE. Seaport Global Securities reiterated a “neutral” rating on shares of Franklin Electric Co. in a research note on Wednesday, October 25th. Zacks Investment Research lowered Franklin Electric Co. from a “buy” rating to a “hold” rating in a research note on Thursday, September 28th. Robert W. Baird boosted their price objective on Franklin Electric Co. from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Boenning Scattergood restated a “buy” rating on shares of Franklin Electric Co. in a research report on Tuesday, October 24th. Finally, BidaskClub lowered Franklin Electric Co. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $49.33.
In other Franklin Electric Co. news, VP Donald P. Kenney sold 4,754 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $45.00, for a total transaction of $213,930.00. Following the completion of the sale, the vice president now directly owns 19,129 shares in the company, valued at approximately $860,805. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.54% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Manchester Capital Management LLC grew its position in shares of Franklin Electric Co. by 0.3% in the second quarter. Manchester Capital Management LLC now owns 19,140 shares of the industrial products company’s stock valued at $792,000 after purchasing an additional 50 shares in the last quarter. Arizona State Retirement System lifted its holdings in Franklin Electric Co. by 0.5% in the second quarter. Arizona State Retirement System now owns 20,121 shares of the industrial products company’s stock valued at $833,000 after acquiring an additional 100 shares during the last quarter. Advisor Group Inc. lifted its holdings in Franklin Electric Co. by 3.9% in the second quarter. Advisor Group Inc. now owns 3,071 shares of the industrial products company’s stock valued at $127,000 after acquiring an additional 116 shares during the last quarter. Stifel Financial Corp lifted its holdings in Franklin Electric Co. by 2.3% in the second quarter. Stifel Financial Corp now owns 10,768 shares of the industrial products company’s stock valued at $446,000 after acquiring an additional 238 shares during the last quarter. Finally, Texas Permanent School Fund lifted its holdings in Franklin Electric Co. by 1.0% in the second quarter. Texas Permanent School Fund now owns 28,149 shares of the industrial products company’s stock valued at $1,165,000 after acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 78.92% of the company’s stock.
Shares of Franklin Electric Co. (NASDAQ FELE) opened at $44.00 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.35 and a quick ratio of 1.13. The stock has a market capitalization of $2,050.25, a P/E ratio of 24.18 and a beta of 1.62. Franklin Electric Co. has a 52-week low of $36.00 and a 52-week high of $46.95.
Franklin Electric Co. (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $311.11 million during the quarter, compared to analyst estimates of $317.54 million. Franklin Electric Co. had a return on equity of 13.09% and a net margin of 8.13%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.48 earnings per share. sell-side analysts predict that Franklin Electric Co. will post 1.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Stockholders of record on Thursday, November 2nd will be given a $0.1075 dividend. The ex-dividend date of this dividend is Wednesday, November 1st. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.98%. Franklin Electric Co.’s dividend payout ratio (DPR) is presently 23.12%.
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About Franklin Electric Co.
Franklin Electric Co, Inc designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices.
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