Franklin Electric (NASDAQ:FELE) Price Target Raised to $90.00 at DA Davidson

Franklin Electric (NASDAQ:FELE) had its target price raised by DA Davidson from $87.00 to $90.00 in a report published on Wednesday morning, Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock.

Several other analysts also recently commented on the company. StockNews.com downgraded Franklin Electric from a strong-buy rating to a buy rating in a research note on Sunday, January 14th. Robert W. Baird raised their target price on Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. Finally, Northcoast Research upgraded Franklin Electric from a neutral rating to a buy rating and set a $110.00 price target for the company in a research note on Friday, February 23rd. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $100.00.

Franklin Electric Stock Performance

Shares of FELE opened at $97.60 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.97 and a quick ratio of 1.20. The stock has a 50-day moving average of $102.34 and a 200-day moving average of $95.88. The company has a market cap of $4.49 billion, a PE ratio of 23.75, a P/E/G ratio of 1.99 and a beta of 0.96. Franklin Electric has a one year low of $82.61 and a one year high of $107.89.

Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.04). The firm had revenue of $460.90 million during the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a net margin of 9.36% and a return on equity of 16.67%. The business’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, equities research analysts predict that Franklin Electric will post 4.32 EPS for the current fiscal year.

Franklin Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. Franklin Electric’s dividend payout ratio (DPR) is currently 24.33%.

Insider Buying and Selling at Franklin Electric

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of Franklin Electric stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the completion of the transaction, the chief executive officer now owns 154,993 shares in the company, valued at approximately $15,493,100.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Franklin Electric

Hedge funds have recently modified their holdings of the company. GHP Investment Advisors Inc. lifted its position in shares of Franklin Electric by 37.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 26,778 shares of the industrial products company’s stock worth $2,588,000 after buying an additional 7,325 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Franklin Electric by 23.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 24,332 shares of the industrial products company’s stock worth $2,171,000 after buying an additional 4,582 shares in the last quarter. Atria Wealth Solutions Inc. bought a new position in shares of Franklin Electric during the 3rd quarter worth approximately $767,000. Vanguard Group Inc. lifted its position in shares of Franklin Electric by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,656,427 shares of the industrial products company’s stock worth $415,493,000 after buying an additional 17,092 shares in the last quarter. Finally, Inspire Investing LLC lifted its position in shares of Franklin Electric by 12.5% during the 3rd quarter. Inspire Investing LLC now owns 3,521 shares of the industrial products company’s stock worth $314,000 after buying an additional 392 shares in the last quarter. Institutional investors own 79.98% of the company’s stock.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. The company operates through Water Systems, Fueling Systems, and Distribution segments. The Water Systems segment offers submersible motors, drives, pumps, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.