Prelude Capital Management LLC Acquires Shares of 4,652 Franklin Electric Co., Inc. (NASDAQ:FELE)

Prelude Capital Management LLC bought a new stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) in the third quarter, Holdings Channel reports. The firm bought 4,652 shares of the industrial products company’s stock, valued at approximately $380,000.

Several other institutional investors and hedge funds have also modified their holdings of FELE. Signaturefd LLC boosted its position in Franklin Electric by 130.4% during the third quarter. Signaturefd LLC now owns 394 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 223 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Franklin Electric during the 2nd quarter valued at about $37,000. Brown Brothers Harriman & Co. bought a new stake in shares of Franklin Electric in the 1st quarter valued at approximately $38,000. Covestor Ltd increased its holdings in Franklin Electric by 3,382.6% in the first quarter. Covestor Ltd now owns 801 shares of the industrial products company’s stock worth $67,000 after buying an additional 778 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Franklin Electric by 938.3% in the second quarter. Lazard Asset Management LLC now owns 1,329 shares of the industrial products company’s stock worth $97,000 after buying an additional 1,201 shares during the last quarter. 79.38% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Electric Stock Down 1.5 %

FELE opened at $89.37 on Tuesday. Franklin Electric Co., Inc. has a twelve month low of $68.27 and a twelve month high of $100.00. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.77 and a current ratio of 2.11. The business has a 50 day moving average price of $90.09 and a 200 day moving average price of $85.69. The firm has a market cap of $4.13 billion, a P/E ratio of 22.51 and a beta of 0.98.

Franklin Electric (NASDAQ:FELE – Get Rating) last issued its quarterly earnings data on Tuesday, February 14th. The industrial products company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.09). Franklin Electric had a return on equity of 18.68% and a net margin of 9.17%. The firm had revenue of $489.43 million during the quarter, compared to analyst estimates of $483.50 million. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Franklin Electric’s quarterly revenue was up 13.2% compared to the same quarter last year. Research analysts forecast that Franklin Electric Co., Inc. will post 4.2 EPS for the current year.

Franklin Electric Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 16th. Stockholders of record on Thursday, February 2nd were given a $0.225 dividend. This is an increase from Franklin Electric’s previous quarterly dividend of $0.20. This represents a $0.90 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Wednesday, February 1st. Franklin Electric’s dividend payout ratio (DPR) is currently 22.67%.

Insider Buying and Selling

In other Franklin Electric news, VP Kenneth Keene sold 1,149 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $96.58, for a total value of $110,970.42. Following the sale, the vice president now owns 4,272 shares of the company’s stock, valued at approximately $412,589.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Franklin Electric news, VP Donald P. Kenney sold 1,400 shares of the stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $92.74, for a total value of $129,836.00. Following the completion of the sale, the vice president now directly owns 23,918 shares of the company’s stock, valued at approximately $2,218,155.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Kenneth Keene sold 1,149 shares of the stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $96.58, for a total transaction of $110,970.42. Following the completion of the sale, the vice president now owns 4,272 shares of the company’s stock, valued at approximately $412,589.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,387 shares of company stock valued at $1,364,860. Insiders own 3.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. DA Davidson boosted their target price on shares of Franklin Electric from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 15th. Robert W. Baird upped their price objective on shares of Franklin Electric from $87.00 to $93.00 and gave the stock a “neutral” rating in a report on Wednesday, February 15th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $86.67.

Franklin Electric Company 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.