Franklin Electric (NASDAQ:FELE) Releases FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.22-4.40 for the period, compared to the consensus estimate of $4.33. The company issued revenue guidance of $2.10-2.17 billion, compared to the consensus revenue estimate of $2.12 billion.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. StockNews.com cut Franklin Electric from a strong-buy rating to a buy rating in a research note on Sunday, January 14th. Robert W. Baird boosted their price target on shares of Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a report 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 objective on the stock in a report on Friday, February 23rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $100.00.

Franklin Electric Price Performance

FELE stock opened at $103.24 on Tuesday. The business has a 50 day moving average price of $102.41 and a 200 day moving average price of $95.80. The company has a quick ratio of 1.20, a current ratio of 2.97 and a debt-to-equity ratio of 0.07. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 1.98 and a beta of 0.96. Franklin Electric has a fifty-two week low of $82.61 and a fifty-two week high of $107.89.

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

Franklin Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s payout ratio is 24.33%.

Insider Transactions at Franklin Electric

In related news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the completion of the sale, the chief executive officer now directly 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 SEC, which can be accessed through the SEC website. Insiders own 2.72% 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.