Zacks Investment Research upgraded shares of Franklin Electric (NASDAQ:FELE) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $51.00 price objective on the industrial products company’s stock.
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 analysts also recently weighed in on the stock. BidaskClub downgraded shares of Franklin Electric from a hold rating to a sell rating in a research report on Friday, December 22nd. Boenning Scattergood reissued a buy rating on shares of Franklin Electric in a research note on Tuesday, October 24th. Robert W. Baird reissued a hold rating and set a $45.00 target price on shares of Franklin Electric in a research note on Wednesday, October 4th. Finally, Seaport Global Securities reissued a neutral rating on shares of Franklin Electric in a research note on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Franklin Electric has a consensus rating of Hold and an average price target of $50.00.
Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $311.11 million for 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%. Franklin Electric’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period last year, the company posted $0.48 EPS. research analysts predict that Franklin Electric will post 1.89 earnings per share for the current fiscal year.
In related news, VP Donald P. Kenney sold 4,754 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $45.00, for a total transaction of $213,930.00. Following the completion of the sale, the vice president now directly owns 19,129 shares of the company’s stock, valued at approximately $860,805. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.54% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FELE. Channing Capital Management LLC bought a new stake in Franklin Electric during the 3rd quarter worth approximately $30,888,000. First Merchants Corp bought a new stake in Franklin Electric during the 3rd quarter worth approximately $21,739,000. Impax Asset Management LTD increased its stake in Franklin Electric by 18.7% during the 3rd quarter. Impax Asset Management LTD now owns 1,816,445 shares of the industrial products company’s stock worth $81,468,000 after purchasing an additional 285,940 shares in the last quarter. Earnest Partners LLC increased its stake 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 purchasing an additional 172,872 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in Franklin Electric by 21.3% during the 2nd quarter. New York State Common Retirement Fund now owns 716,133 shares of the industrial products company’s stock worth $29,648,000 after purchasing an additional 125,510 shares in the last quarter. 76.91% of the stock is owned by institutional investors and hedge funds.
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About Franklin Electric
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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