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

Franklin Electric (NASDAQ:FELE) had its price objective lifted by DA Davidson from $87.00 to $90.00 in a research report sent to investors on Wednesday morning, Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock. DA Davidson also issued estimates for Franklin Electric’s Q2 2024 earnings at $1.28 EPS.

Other equities analysts also recently issued reports about the company. Northcoast Research raised Franklin Electric from a neutral rating to a buy rating and set a $110.00 price target on the stock in a research report on Friday, February 23rd. StockNews.com cut Franklin Electric from a strong-buy rating to a buy rating in a research note on Sunday, January 14th. Finally, Robert W. Baird raised their price target on Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Two equities 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’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $100.00.

Franklin Electric Trading Up 0.2 %

Shares of NASDAQ FELE opened at $98.90 on Wednesday. Franklin Electric has a twelve month low of $82.61 and a twelve month high of $107.89. The company has a quick ratio of 1.20, a current ratio of 2.85 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $102.32 and a two-hundred day simple moving average of $96.03. The firm has a market cap of $4.56 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99.

Franklin Electric (NASDAQ:FELE) last posted its quarterly 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). Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The business had revenue of $460.90 million during the quarter, compared to the consensus estimate of $477.64 million. During the same quarter in the prior year, the firm posted $0.79 EPS. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. Analysts expect that Franklin Electric will post 4.27 earnings per share for the current fiscal year.

Franklin Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given 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 dividend yield of 1.01%. Franklin Electric’s dividend payout ratio (DPR) is 24.88%.

Insider Buying and Selling at Franklin Electric

In other Franklin Electric news, CEO Gregg C. Sengstack sold 10,366 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 154,993 shares of the company’s stock, valued at $15,493,100.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.72% of the company’s stock.

Institutional Investors Weigh In On Franklin Electric

Several hedge funds and other institutional investors have recently made changes to their positions in FELE. Capstone Investment Advisors LLC purchased a new stake in shares of Franklin Electric in the first quarter valued at about $821,000. Janney Montgomery Scott LLC grew its stake in shares of Franklin Electric by 25.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 4,035 shares of the industrial products company’s stock valued at $431,000 after buying an additional 807 shares during the period. SkyOak Wealth LLC acquired a new stake in shares of Franklin Electric during the 1st quarter worth approximately $313,000. Principal Financial Group Inc. raised its position in shares of Franklin Electric by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 216,681 shares of the industrial products company’s stock valued at $23,144,000 after buying an additional 2,147 shares during the period. Finally, Simplicity Wealth LLC acquired a new position in Franklin Electric in the first quarter valued at approximately $559,000. Institutional investors and hedge funds own 79.98% of the company’s stock.

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.