Franklin Electric (NASDAQ:FELE) Issues FY 2024 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 4.220-4.400 for the period, compared to the consensus estimate of 4.330. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion. Franklin Electric also updated its FY24 guidance to $4.22-4.40 EPS.

Franklin Electric Stock Down 4.1 %

FELE traded down $4.25 during trading hours on Tuesday, reaching $98.99. 43,348 shares of the stock traded hands, compared to its average volume of 179,839. Franklin Electric has a fifty-two week low of $82.61 and a fifty-two week high of $107.89. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 1.98 and a beta of 0.96. 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 firm’s fifty day simple moving average is $102.41 and its two-hundred day simple moving average is $95.80.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings data on Tuesday, February 13th. The industrial products company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Franklin Electric had a net margin of 9.36% and a return on equity of 16.67%. The firm had revenue of $472.97 million during the quarter, compared to analysts’ expectations of $490.47 million. During the same period in the previous year, the company earned $0.84 earnings per share. The business’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, analysts forecast that Franklin Electric will post 4.32 earnings per share for the current fiscal year.

Franklin Electric Announces Dividend

The firm also recently disclosed 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 is Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a yield of 1.01%. Franklin Electric’s dividend payout ratio (DPR) is presently 24.33%.

Analyst Ratings Changes

Several equities analysts have recently commented on FELE shares. Northcoast Research upgraded Franklin Electric from a neutral rating to a buy rating and set a $110.00 target price for the company in a research note on Friday, February 23rd. Robert W. Baird increased their price objective on shares of Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. Finally, StockNews.com lowered shares of Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Franklin Electric presently has a consensus rating of Moderate Buy and an average price target of $100.00.

Insiders Place Their Bets

In related news, CEO Gregg C. Sengstack sold 10,366 shares of the firm’s stock in a transaction on 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 transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.72% of the stock is currently owned by company insiders.

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.