California State Teachers Retirement System decreased its holdings in Franklin Electric Co. (NASDAQ:FELE) by 9.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,128 shares of the industrial products company’s stock after selling 7,970 shares during the quarter. California State Teachers Retirement System owned about 0.16% of Franklin Electric worth $3,325,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its position in Franklin Electric by 4.7% during the 2nd quarter. Wells Fargo & Company MN now owns 1,700,634 shares of the industrial products company’s stock worth $70,406,000 after buying an additional 76,710 shares during the last quarter. Channing Capital Management LLC purchased a new position in Franklin Electric during the 3rd quarter worth $30,888,000. Dimensional Fund Advisors LP raised its position in Franklin Electric by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,594,418 shares of the industrial products company’s stock worth $66,008,000 after buying an additional 18,598 shares during the last quarter. New York State Common Retirement Fund raised its position in Franklin Electric by 3.6% during the 3rd quarter. New York State Common Retirement Fund now owns 741,583 shares of the industrial products company’s stock worth $33,260,000 after buying an additional 25,450 shares during the last quarter. Finally, Earnest Partners LLC raised its position in Franklin Electric by 8.3% during the 2nd quarter. Earnest Partners LLC now owns 2,248,817 shares of the industrial products company’s stock worth $93,101,000 after buying an additional 172,872 shares during the last quarter. Hedge funds and other institutional investors own 76.91% of the company’s stock.
FELE has been the subject of a number of analyst reports. Seaport Global Securities restated a “neutral” rating on shares of Franklin Electric in a research report on Wednesday, October 25th. Zacks Investment Research downgraded shares of Franklin Electric from a “buy” rating to a “hold” rating in a research report on Thursday, September 28th. BidaskClub downgraded shares of Franklin Electric from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Robert W. Baird reiterated a “hold” rating and issued a $45.00 price target on shares of Franklin Electric in a report on Wednesday, October 4th. Finally, Boenning Scattergood reiterated a “buy” rating on shares of Franklin Electric in a report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $50.00.
Franklin Electric Co. (FELE) opened at $44.95 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 2.35 and a debt-to-equity ratio of 0.18. The stock has a market cap of $2,122.48, a PE ratio of 24.17 and a beta of 1.62. Franklin Electric Co. has a twelve month low of $36.00 and a twelve month high of $47.20.
Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. The business had revenue of $311.11 million during the quarter, compared to the consensus estimate of $317.54 million. Franklin Electric had a net margin of 8.13% and a return on equity of 13.09%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS. analysts forecast that Franklin Electric Co. will post 1.89 earnings per share for the current fiscal year.
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Franklin Electric Profile
Franklin Electric Co, Inc designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices.
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