Franklin Electric Co., Inc. $FELE Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH decreased its stake in Franklin Electric Co., Inc. (NASDAQ:FELE) by 16.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 633,656 shares of the industrial products company’s stock after selling 122,589 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.42% of Franklin Electric worth $60,324,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Franklin Electric by 1.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,075,516 shares of the industrial products company’s stock valued at $190,480,000 after acquiring an additional 29,982 shares during the last quarter. First Trust Advisors LP raised its stake in Franklin Electric by 44.9% in the 2nd quarter. First Trust Advisors LP now owns 1,552,097 shares of the industrial products company’s stock valued at $139,285,000 after purchasing an additional 481,108 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in Franklin Electric by 47.8% in the 2nd quarter. Impax Asset Management Group plc now owns 1,246,729 shares of the industrial products company’s stock valued at $111,881,000 after purchasing an additional 403,115 shares in the last quarter. Invesco Ltd. lifted its holdings in Franklin Electric by 9.2% in the 2nd quarter. Invesco Ltd. now owns 607,040 shares of the industrial products company’s stock valued at $54,476,000 after purchasing an additional 50,895 shares in the last quarter. Finally, Norges Bank acquired a new stake in Franklin Electric during the 2nd quarter worth $45,701,000. Hedge funds and other institutional investors own 79.98% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FELE. Wall Street Zen upgraded shares of Franklin Electric from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. Robert W. Baird set a $112.00 price objective on shares of Franklin Electric in a report on Wednesday, October 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Franklin Electric in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $112.00.

Franklin Electric Price Performance

Franklin Electric stock opened at $104.36 on Thursday. The company has a current ratio of 2.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $98.16 and a 200 day moving average price of $96.22. Franklin Electric Co., Inc. has a 12-month low of $78.87 and a 12-month high of $108.08. The stock has a market cap of $4.65 billion, a P/E ratio of 33.99, a PEG ratio of 1.82 and a beta of 1.08.

Franklin Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th will be given a $0.28 dividend. This is an increase from Franklin Electric’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, February 5th. Franklin Electric’s dividend payout ratio (DPR) is presently 34.53%.

Franklin Electric Profile

Franklin Electric Co, Inc is a world‐leading manufacturer and distributor of systems and components for moving and managing water and fuel. Headquartered in Fort Wayne, Indiana, the company specializes in designing engineered pumping systems and related controls for residential, commercial and industrial applications.

Founded in 1944, Franklin Electric has built its reputation on submersible and surface pumping solutions for water wells, municipal water and wastewater treatment, irrigation and industrial fluid handling.