Q2 2024 Earnings Forecast for Franklin Electric Co., Inc. Issued By Seaport Res Ptn (NASDAQ:FELE)

Franklin Electric Co., Inc. (NASDAQ:FELE) – Equities researchers at Seaport Res Ptn lowered their Q2 2024 EPS estimates for Franklin Electric in a report issued on Wednesday, May 1st. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will earn $1.31 per share for the quarter, down from their prior estimate of $1.32. The consensus estimate for Franklin Electric’s current full-year earnings is $4.28 per share. Seaport Res Ptn also issued estimates for Franklin Electric’s FY2024 earnings at $4.27 EPS, Q1 2025 earnings at $0.82 EPS, Q2 2025 earnings at $1.42 EPS, Q3 2025 earnings at $1.43 EPS and FY2025 earnings at $4.69 EPS.

Other equities analysts have also issued research reports about the stock. DA Davidson raised their price objective on shares of Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday. Northcoast Research upgraded shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Friday, February 23rd. Robert W. Baird raised their target price on Franklin Electric from $91.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Finally, StockNews.com raised Franklin Electric from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.00.

Franklin Electric Price Performance

NASDAQ FELE opened at $98.90 on Thursday. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 1.90 and a beta of 0.99. The company has a 50 day simple moving average of $102.32 and a 200-day simple moving average of $95.98. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.85 and a quick ratio of 1.20. Franklin Electric has a 52-week low of $82.61 and a 52-week high of $107.89.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). The company had revenue of $460.90 million during the quarter, compared to analysts’ expectations of $477.64 million. Franklin Electric had a return on equity of 15.86% and a net margin of 9.25%. Franklin Electric’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share.

Franklin Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be issued a $0.25 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.01%. Franklin Electric’s dividend payout ratio is 24.88%.

Insider Activity at Franklin Electric

In related 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 value of $1,036,185.36. Following the completion of the sale, the chief executive officer now directly owns 154,993 shares in the company, valued at $15,493,100.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Franklin Electric

Several institutional investors have recently modified their holdings of the stock. Signaturefd LLC grew its position in shares of Franklin Electric by 35.3% during the 4th quarter. Signaturefd LLC now owns 541 shares of the industrial products company’s stock worth $52,000 after buying an additional 141 shares during the period. Arizona State Retirement System lifted its stake in Franklin Electric by 1.3% in the 3rd quarter. Arizona State Retirement System now owns 11,179 shares of the industrial products company’s stock valued at $998,000 after acquiring an additional 143 shares in the last quarter. GAMMA Investing LLC lifted its stake in Franklin Electric by 88.0% in the 1st quarter. GAMMA Investing LLC now owns 314 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 147 shares in the last quarter. Bridge City Capital LLC lifted its stake in Franklin Electric by 0.8% in the 1st quarter. Bridge City Capital LLC now owns 21,399 shares of the industrial products company’s stock valued at $2,286,000 after acquiring an additional 166 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its stake in shares of Franklin Electric by 5.1% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 4,548 shares of the industrial products company’s stock worth $406,000 after purchasing an additional 222 shares in the last quarter. 79.98% of the stock is currently owned by institutional investors and hedge funds.

About Franklin Electric

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.