Franklin Electric (NASDAQ:FELE) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Franklin Electric (NASDAQ:FELEGet Rating) posted its quarterly earnings data on Tuesday. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.20, Briefing.com reports. Franklin Electric had a return on equity of 17.82% and a net margin of 9.29%. The business had revenue of $551.10 million for the quarter, compared to analysts’ expectations of $528.67 million. During the same quarter last year, the firm earned $0.83 earnings per share. The business’s revenue was up 26.0% on a year-over-year basis. Franklin Electric updated its FY22 guidance to $4.00-$4.20 EPS.

Franklin Electric Stock Up 0.6 %

Franklin Electric stock traded up $0.48 during midday trading on Thursday, hitting $86.88. The stock had a trading volume of 1,568 shares, compared to its average volume of 150,733. The company has a current ratio of 1.69, a quick ratio of 0.62 and a debt-to-equity ratio of 0.09. The stock has a market cap of $4.02 billion, a P/E ratio of 23.23 and a beta of 0.98. Franklin Electric has a 12 month low of $68.27 and a 12 month high of $96.95. The business has a fifty day moving average price of $73.88 and a 200 day moving average price of $79.03.

Franklin Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 18th. Stockholders of record on Thursday, August 4th will be given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Wednesday, August 3rd. Franklin Electric’s payout ratio is 20.97%.

Insider Activity at Franklin Electric

In other news, CFO Jeffery L. Taylor acquired 2,000 shares of the stock in a transaction that occurred on Monday, May 9th. The stock was purchased at an average cost of $70.36 per share, with a total value of $140,720.00. Following the completion of the acquisition, the chief financial officer now directly owns 12,539 shares in the company, valued at $882,244.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Franklin Electric news, VP Paul Chhabra sold 10,250 shares of Franklin Electric stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $75.42, for a total value of $773,055.00. Following the completion of the transaction, the vice president now directly owns 10,911 shares in the company, valued at $822,907.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jeffery L. Taylor acquired 2,000 shares of Franklin Electric stock in a transaction dated Monday, May 9th. The shares were acquired at an average price of $70.36 per share, with a total value of $140,720.00. Following the completion of the transaction, the chief financial officer now owns 12,539 shares of the company’s stock, valued at approximately $882,244.04. The disclosure for this purchase can be found here. Insiders sold a total of 29,565 shares of company stock valued at $2,162,514 over the last three months. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Franklin Electric

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Walleye Trading LLC acquired a new position in shares of Franklin Electric during the first quarter worth approximately $204,000. Advisors Asset Management Inc. boosted its position in shares of Franklin Electric by 7.5% during the first quarter. Advisors Asset Management Inc. now owns 19,986 shares of the industrial products company’s stock worth $1,660,000 after buying an additional 1,397 shares during the period. Mirabella Financial Services LLP acquired a new stake in Franklin Electric in the first quarter worth approximately $274,000. Jane Street Group LLC acquired a new stake in Franklin Electric in the first quarter worth approximately $744,000. Finally, Lido Advisors LLC lifted its position in Franklin Electric by 10.3% in the first quarter. Lido Advisors LLC now owns 4,794 shares of the industrial products company’s stock worth $398,000 after purchasing an additional 447 shares during the period. 77.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FELE shares. Robert W. Baird raised their price objective on Franklin Electric from $75.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com cut Franklin Electric from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. Northcoast Research assumed coverage on Franklin Electric in a report on Friday, July 15th. They issued a “buy” rating and a $82.00 target price on the stock. DA Davidson lifted their target price on Franklin Electric to $80.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Seaport Res Ptn upgraded Franklin Electric from a “neutral” rating to a “buy” rating in a report on Wednesday, April 27th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $85.75.

Franklin Electric Company Profile

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

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Earnings History for Franklin Electric (NASDAQ:FELE)

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