Liberty Wealth Management LLC increased its holdings in Franklin Electric Co., Inc. (NASDAQ:FELE) by 8,026.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,709 shares of the industrial products company’s stock after buying an additional 14,528 shares during the period. Liberty Wealth Management LLC’s holdings in Franklin Electric were worth $182,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. lifted its stake in Franklin Electric by 3.0% in the 2nd quarter. BlackRock Inc. now owns 7,508,739 shares of the industrial products company’s stock valued at $605,355,000 after buying an additional 218,270 shares in the last quarter. Earnest Partners LLC raised its holdings in shares of Franklin Electric by 9.2% in the first quarter. Earnest Partners LLC now owns 2,578,882 shares of the industrial products company’s stock worth $203,577,000 after acquiring an additional 218,169 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Franklin Electric by 39.0% in the first quarter. Allianz Asset Management GmbH now owns 655,810 shares of the industrial products company’s stock worth $51,769,000 after acquiring an additional 184,162 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Franklin Electric in the first quarter valued at $6,975,000. Finally, Moody Aldrich Partners LLC acquired a new stake in shares of Franklin Electric during the second quarter valued at $6,224,000. 76.90% of the stock is currently owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research lowered shares of Franklin Electric from a “buy” rating to a “hold” rating in a report on Monday, August 30th.
Franklin Electric (NASDAQ:FELE) last released its earnings results on Monday, July 26th. The industrial products company reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. Franklin Electric had a return on equity of 15.49% and a net margin of 9.16%. The firm had revenue of $437.28 million during the quarter, compared to analyst estimates of $386.23 million. During the same period in the prior year, the firm posted $0.54 earnings per share. The business’s quarterly revenue was up 41.8% compared to the same quarter last year. Equities research analysts anticipate that Franklin Electric Co., Inc. will post 3.01 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 19th. Stockholders of record on Thursday, August 5th were issued a dividend of $0.175 per share. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $0.70 annualized dividend and a dividend yield of 0.86%. Franklin Electric’s payout ratio is currently 32.11%.
In other news, insider Delancey W. Davis sold 1,382 shares of the business’s stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $83.40, for a total transaction of $115,258.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John J. Haines sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $82.32, for a total transaction of $246,960.00. Following the sale, the chief financial officer now owns 54,179 shares of the company’s stock, valued at $4,460,015.28. The disclosure for this sale can be found here. Insiders sold 10,686 shares of company stock worth $881,383 over the last three months. Corporate insiders own 2.90% of the company’s stock.
About Franklin Electric
Franklin Electric Co, Inc engages in the development, manufacture, and distribution of water and fuel pumping systems. It operates through the following business segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment designs, manufactures, and sells water pumping systems, submersible motors, pumps, electronic controls, and related parts and equipment.
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