Principal Financial Group Inc. Decreases Stock Holdings in Franklin Electric Co., Inc. (NASDAQ:FELE)

Principal Financial Group Inc. cut its holdings in Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 240,659 shares of the industrial products company’s stock after selling 8,781 shares during the quarter. Principal Financial Group Inc.’s holdings in Franklin Electric were worth $19,193,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FELE. Pathstone Family Office LLC grew its holdings in Franklin Electric by 20.0% during the third quarter. Pathstone Family Office LLC now owns 10,173 shares of the industrial products company’s stock worth $831,000 after acquiring an additional 1,698 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Franklin Electric by 13.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,884 shares of the industrial products company’s stock worth $549,000 after purchasing an additional 822 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Franklin Electric by 1.2% during the third quarter. Advisors Asset Management Inc. now owns 23,041 shares of the industrial products company’s stock worth $1,883,000 after purchasing an additional 264 shares in the last quarter. Dudley & Shanley Inc. purchased a new position in shares of Franklin Electric in the fourth quarter valued at approximately $1,638,000. Finally, TD Asset Management Inc purchased a new position in shares of Franklin Electric in the fourth quarter valued at approximately $367,000. 79.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Franklin Electric

In related news, VP Kenneth Keene sold 1,149 shares of Franklin Electric stock in a transaction 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 completion of the transaction, the vice president now directly owns 4,272 shares in the company, valued at $412,589.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Franklin Electric news, CEO Gregg C. Sengstack sold 9,000 shares of Franklin Electric stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $94.16, for a total transaction of $847,440.00. Following the completion of the sale, the chief executive officer now directly owns 168,035 shares of the company’s stock, valued at approximately $15,822,175.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kenneth Keene sold 1,149 shares of Franklin Electric stock in a transaction dated 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 directly owns 4,272 shares of the company’s stock, valued at $412,589.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,637 shares of company stock worth $2,328,725. Company insiders own 2.84% of the company’s stock.

Franklin Electric Trading Up 0.1 %

Shares of NASDAQ FELE opened at $93.74 on Monday. Franklin Electric Co., Inc. has a twelve month low of $68.38 and a twelve month high of $100.00. The company has a current ratio of 1.99, a quick ratio of 0.75 and a debt-to-equity ratio of 0.08. The stock has a fifty day simple moving average of $90.83 and a 200-day simple moving average of $87.79. The stock has a market capitalization of $4.33 billion, a PE ratio of 22.70, a PEG ratio of 1.79 and a beta of 0.98.

Franklin Electric (NASDAQ:FELE – Get Rating) last released its earnings results on Tuesday, May 2nd. The industrial products company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. The firm had revenue of $484.60 million during the quarter, compared to analyst estimates of $476.26 million. Franklin Electric had a return on equity of 18.76% and a net margin of 9.38%. Franklin Electric’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.64 earnings per share. On average, equities analysts forecast that Franklin Electric Co., Inc. will post 4.35 earnings per share for the current year.

Franklin Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Thursday, May 4th were issued a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, May 3rd. This represents a $0.90 dividend on an annualized basis and a yield of 0.96%. Franklin Electric’s dividend payout ratio (DPR) is presently 21.79%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. DA Davidson reiterated a “neutral” rating and set a $90.00 price objective (up previously from $85.00) on shares of Franklin Electric in a research report on Wednesday, May 3rd. StockNews.com initiated coverage on Franklin Electric in a research note on Thursday. They set a “buy” rating for the company. Oppenheimer initiated coverage on Franklin Electric in a research note on Tuesday, April 18th. They set a “market perform” rating for the company. Robert W. Baird raised their target price on Franklin Electric from $87.00 to $93.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 15th. Finally, Seaport Res Ptn reissued a “buy” rating on shares of Franklin Electric in a research note on Wednesday, May 10th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $88.33.

Franklin Electric Company Profile

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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.