Franklin Electric (NASDAQ:FELE) Price Target Raised to $90.00 at DA Davidson

Franklin Electric (NASDAQ:FELE) had its price target hoisted by DA Davidson from $87.00 to $90.00 in a research note issued to investors on Wednesday morning, Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock. DA Davidson also issued estimates for Franklin Electric’s Q2 2024 earnings at $1.28 EPS.

A number of other equities analysts also recently weighed in on FELE. Northcoast Research upgraded 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. StockNews.com lowered Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Finally, Robert W. Baird boosted their target price on Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Franklin Electric presently has a consensus rating of Moderate Buy and an average target price of $100.00.

Franklin Electric Trading Up 0.2 %

NASDAQ FELE opened at $98.90 on Wednesday. The company has a current ratio of 2.85, a quick ratio of 1.20 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $102.32 and a 200 day simple moving average of $96.03. Franklin Electric has a 12 month low of $82.61 and a 12 month high of $107.89. The firm has a market capitalization of $4.56 billion, a P/E ratio of 24.60, a PEG ratio of 1.93 and a beta of 0.99.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.04). Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The firm had revenue of $460.90 million during the quarter, compared to analysts’ expectations of $477.64 million. During the same quarter in the prior year, the company earned $0.79 EPS. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, analysts predict that Franklin Electric will post 4.27 EPS for the current fiscal year.

Franklin Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a $0.25 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.00 annualized dividend and a dividend yield of 1.01%. Franklin Electric’s payout ratio is currently 24.88%.

Insider Activity at Franklin Electric

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. GHP Investment Advisors Inc. increased its stake in shares of Franklin Electric by 37.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 26,778 shares of the industrial products company’s stock worth $2,588,000 after buying an additional 7,325 shares during the period. Running Oak Capital LLC grew its holdings in Franklin Electric by 17.9% in the 4th quarter. Running Oak Capital LLC now owns 92,593 shares of the industrial products company’s stock worth $8,949,000 after acquiring an additional 14,074 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Franklin Electric by 23.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 24,332 shares of the industrial products company’s stock valued at $2,171,000 after acquiring an additional 4,582 shares during the period. Atria Wealth Solutions Inc. bought a new position in shares of Franklin Electric during the third quarter valued at about $767,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Franklin Electric by 0.4% during the third quarter. Vanguard Group Inc. now owns 4,656,427 shares of the industrial products company’s stock worth $415,493,000 after purchasing an additional 17,092 shares during the period. Hedge funds and other institutional investors own 79.98% of the company’s stock.

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.