Seaport Res Ptn Research Analysts Lower Earnings Estimates for Franklin Electric Co., Inc. (NASDAQ:FELE)

Franklin Electric Co., Inc. (NASDAQ:FELE) – Equities research analysts at Seaport Res Ptn lowered their Q2 2024 EPS estimates for Franklin Electric in a report issued on Wednesday, May 1st. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will post earnings of $1.31 per share for the quarter, down from their previous forecast of $1.32. The consensus estimate for Franklin Electric’s current full-year earnings is $4.32 per share. Seaport Res Ptn also issued estimates for Franklin Electric’s FY2024 earnings at $4.27 EPS, Q1 2025 earnings at $0.82 EPS, Q2 2025 earnings at $1.42 EPS, Q3 2025 earnings at $1.43 EPS and FY2025 earnings at $4.69 EPS.

Several other research firms have also recently issued reports on FELE. StockNews.com raised Franklin Electric from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. DA Davidson boosted their target price on Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday. Robert W. Baird raised their price target on Franklin Electric from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Finally, Northcoast Research upgraded shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 price target on the stock in a report on Friday, February 23rd. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Franklin Electric presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.00.

Franklin Electric Trading Up 1.4 %

NASDAQ:FELE opened at $97.60 on Thursday. The firm has a market capitalization of $4.49 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.86 and a beta of 0.99. The company has a quick ratio of 1.20, a current ratio of 2.85 and a debt-to-equity ratio of 0.07. The company has a fifty day moving average of $102.34 and a 200 day moving average of $95.88. Franklin Electric has a 52 week low of $82.61 and a 52 week high of $107.89.

Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.04). The company had revenue of $460.90 million for the quarter, compared to analysts’ expectations of $477.64 million. Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The company’s revenue was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.79 earnings per share.

Franklin Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s dividend payout ratio (DPR) is presently 24.88%.

Insider Buying and Selling

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 154,993 shares in the company, valued at approximately $15,493,100.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Franklin Electric

Several hedge funds and other institutional investors have recently modified their holdings of FELE. Commonwealth Equity Services LLC lifted its holdings in Franklin Electric by 4.3% in the third quarter. Commonwealth Equity Services LLC now owns 7,427 shares of the industrial products company’s stock valued at $663,000 after acquiring an additional 306 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Franklin Electric by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,359 shares of the industrial products company’s stock worth $746,000 after buying an additional 581 shares during the last quarter. Strs Ohio grew its position in Franklin Electric by 164.6% during the third quarter. Strs Ohio now owns 12,700 shares of the industrial products company’s stock valued at $1,133,000 after buying an additional 7,900 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Franklin Electric by 3.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,435 shares of the industrial products company’s stock valued at $2,091,000 after buying an additional 734 shares during the last quarter. Finally, Park Avenue Securities LLC bought a new position in Franklin Electric in the third quarter worth approximately $250,000. 79.98% of the stock is owned by institutional investors.

About Franklin Electric

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.