Franklin Electric Co., Inc. (NASDAQ:FELE) Shares Purchased by Truist Financial Corp

Truist Financial Corp boosted its position in Franklin Electric Co., Inc. (NASDAQ:FELEGet Rating) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,341 shares of the industrial products company’s stock after purchasing an additional 288 shares during the period. Truist Financial Corp’s holdings in Franklin Electric were worth $355,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its holdings in Franklin Electric by 1.7% in the third quarter. Janney Montgomery Scott LLC now owns 7,978 shares of the industrial products company’s stock valued at $652,000 after buying an additional 137 shares in the last quarter. Fenimore Asset Management Inc. increased its holdings in Franklin Electric by 1.6% in the third quarter. Fenimore Asset Management Inc. now owns 142,154 shares of the industrial products company’s stock valued at $11,615,000 after buying an additional 2,220 shares in the last quarter. AE Wealth Management LLC purchased a new position in Franklin Electric in the third quarter valued at about $1,430,000. Raymond James Financial Services Advisors Inc. increased its holdings in Franklin Electric by 30.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,370 shares of the industrial products company’s stock valued at $357,000 after buying an additional 1,031 shares in the last quarter. Finally, Xponance Inc. purchased a new position in Franklin Electric in the third quarter valued at about $236,000. Institutional investors and hedge funds own 79.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Franklin Electric from a “hold” rating to a “buy” rating in a research note on Wednesday, October 19th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $85.75.

Insider Buying and Selling

In related news, insider Delancey W. Davis sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $84.91, for a total transaction of $84,910.00. Following the sale, the insider now owns 9,777 shares in the company, valued at $830,165.07. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is owned by company insiders.

Franklin Electric Trading Up 0.6 %

Shares of FELE opened at $86.87 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.92 and a quick ratio of 0.71. The firm has a 50 day simple moving average of $82.17 and a 200-day simple moving average of $84.16. Franklin Electric Co., Inc. has a 1-year low of $68.27 and a 1-year high of $96.19. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 21.83 and a beta of 0.98.

Franklin Electric (NASDAQ:FELEGet Rating) last announced its earnings results on Tuesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.02). Franklin Electric had a return on equity of 18.71% and a net margin of 9.48%. The firm had revenue of $551.67 million for the quarter, compared to analyst estimates of $559.00 million. Equities analysts forecast that Franklin Electric Co., Inc. will post 4.09 EPS for the current fiscal year.

Franklin Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 16th. Investors of record on Thursday, February 2nd will be given a dividend of $0.225 per share. The ex-dividend date is Wednesday, February 1st. This represents a $0.90 dividend on an annualized basis and a yield of 1.04%. This is a positive change from Franklin Electric’s previous quarterly dividend of $0.20. Franklin Electric’s dividend payout ratio (DPR) is 19.60%.

Franklin Electric Profile

(Get Rating)

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.

See Also

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Institutional Ownership by Quarter for Franklin Electric (NASDAQ:FELE)

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