Franklin Electric (NASDAQ:FELE) Updates FY 2024 Earnings Guidance

Franklin Electric (NASDAQ:FELE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.220-4.400 for the period, compared to the consensus earnings per share estimate of 4.330. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion. Franklin Electric also updated its FY24 guidance to $4.22-4.40 EPS.

Franklin Electric Stock Performance

NASDAQ FELE traded down $4.25 on Tuesday, hitting $98.99. 43,348 shares of the company traded hands, compared to its average volume of 179,839. The business’s 50 day moving average price is $102.41 and its 200-day moving average price is $95.80. Franklin Electric has a 52-week low of $82.61 and a 52-week high of $107.89. The company has a current ratio of 2.97, a quick ratio of 1.20 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 25.12, a P/E/G ratio of 1.98 and a beta of 0.96.

Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, February 13th. The industrial products company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). The firm had revenue of $472.97 million for the quarter, compared to the consensus estimate of $490.47 million. Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. Franklin Electric’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 EPS. Equities analysts expect that Franklin Electric will post 4.32 earnings per share for the current year.

Franklin Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a $0.25 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.00 annualized dividend and a yield of 1.01%. Franklin Electric’s payout ratio is 24.33%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FELE shares. StockNews.com downgraded shares of Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Northcoast Research upgraded shares of Franklin Electric from a neutral rating to a buy rating and set a $110.00 target price on the stock in a research note on Friday, February 23rd. Finally, Robert W. Baird lifted their price objective on Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $100.00.

Insider Transactions at Franklin Electric

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the completion of the transaction, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at approximately $15,493,100.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.72% of the company’s stock.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. The company operates through Water Systems, Fueling Systems, and Distribution segments. The Water Systems segment offers submersible motors, drives, pumps, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.