Franklin Electric (NASDAQ:FELE) Issues FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.22-4.40 for the period, compared to the consensus earnings per share estimate of $4.33. The company issued revenue guidance of $2.10-2.17 billion, compared to the consensus revenue estimate of $2.12 billion. Franklin Electric also updated its FY 2024 guidance to 4.220-4.400 EPS.

Franklin Electric Stock Performance

FELE stock traded down $6.26 during midday trading on Tuesday, hitting $96.98. 152,185 shares of the stock traded hands, compared to its average volume of 181,062. Franklin Electric has a 1-year low of $82.61 and a 1-year high of $107.89. 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’s fifty day simple moving average is $102.41 and its 200-day simple moving average is $95.80. The firm has a market cap of $4.46 billion, a P/E ratio of 25.12, a PEG ratio of 1.98 and a beta of 0.96.

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

Franklin Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s dividend payout ratio (DPR) is presently 24.33%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FELE shares. StockNews.com cut shares of Franklin Electric from a strong-buy rating to a buy rating in a research note on Sunday, January 14th. Northcoast Research raised shares of 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. Finally, Robert W. Baird raised their price target 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. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Franklin Electric currently has a consensus rating of Moderate Buy and an average target price of $100.00.

Insider Buying and Selling at Franklin Electric

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $99.96, for a total value of $1,036,185.36. Following the transaction, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at $15,493,100.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.72% of the stock is currently owned by insiders.

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.