Franklin Electric (NASDAQ:FELE) Downgraded to Sell at Zacks Investment Research

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Zacks Investment Research downgraded shares of Franklin Electric (NASDAQ:FELE) from a hold rating to a sell rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Franklin Electric has produced high-quality industrial pumps, filters and accessories. By introducing the new Little Giant PondWorks program, Franklin Electric now brings the same exceptional knowledge, experience, and quality to the recreational water gardening and outdoor living markets. “

A number of other equities research analysts have also recently commented on the company. Seaport Global Securities reaffirmed a neutral rating on shares of Franklin Electric in a research note on Tuesday, October 15th. BidaskClub raised Franklin Electric from a hold rating to a buy rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $54.00.

Shares of FELE stock opened at $54.03 on Tuesday. Franklin Electric has a 52-week low of $39.92 and a 52-week high of $55.77. The stock has a market cap of $2.57 billion, a PE ratio of 23.91 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.10 and a current ratio of 2.40. The firm’s 50 day moving average price is $52.81 and its two-hundred day moving average price is $47.73.

Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. The company had revenue of $348.41 million during the quarter, compared to analysts’ expectations of $353.82 million. Franklin Electric had a net margin of 7.62% and a return on equity of 13.46%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, sell-side analysts predict that Franklin Electric will post 2.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were paid a $0.145 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.58 dividend on an annualized basis and a dividend yield of 1.07%. Franklin Electric’s dividend payout ratio (DPR) is presently 25.66%.

In other Franklin Electric news, CEO Gregg C. Sengstack sold 8,008 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $54.37, for a total value of $435,394.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Delancey W. Davis sold 820 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $48.83, for a total transaction of $40,040.60. Following the completion of the sale, the insider now owns 18,486 shares in the company, valued at $902,671.38. The disclosure for this sale can be found here. Insiders sold a total of 20,699 shares of company stock worth $1,090,336 over the last quarter. 2.88% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC acquired a new position in shares of Franklin Electric in the 3rd quarter valued at $48,000. Krane Funds Advisors LLC acquired a new stake in Franklin Electric during the 2nd quarter worth $60,000. Tortoise Index Solutions LLC lifted its holdings in Franklin Electric by 17.7% during the second quarter. Tortoise Index Solutions LLC now owns 1,715 shares of the industrial products company’s stock worth $81,000 after acquiring an additional 258 shares in the last quarter. John G Ullman & Associates Inc. bought a new position in Franklin Electric during the third quarter worth about $239,000. Finally, Cubist Systematic Strategies LLC grew its stake in Franklin Electric by 17.1% in the second quarter. Cubist Systematic Strategies LLC now owns 5,187 shares of the industrial products company’s stock valued at $246,000 after acquiring an additional 758 shares during the period. 76.84% of the stock is currently owned by institutional investors.

Franklin Electric Company Profile

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

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