Q2 2022 EPS Estimates for Franklin Electric Co., Inc. Lowered by Seaport Res Ptn (NASDAQ:FELE)

Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) – Equities researchers at Seaport Res Ptn reduced their Q2 2022 earnings per share estimates for shares of Franklin Electric in a note issued to investors on Wednesday, April 27th. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will post earnings of $1.03 per share for the quarter, down from their previous forecast of $1.07. Seaport Res Ptn has a “Buy” rating on the stock. Seaport Res Ptn also issued estimates for Franklin Electric’s Q3 2022 earnings at $1.07 EPS, Q4 2022 earnings at $0.90 EPS and FY2022 earnings at $3.63 EPS.

Franklin Electric (NASDAQ:FELE – Get Rating) last released its quarterly earnings data on Tuesday, April 26th. The industrial products company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.63 by $0.01. Franklin Electric had a return on equity of 16.24% and a net margin of 9.26%. The company had revenue of $451.50 million for the quarter, compared to analyst estimates of $424.62 million. During the same period last year, the company posted $0.59 earnings per share. The firm’s revenue was up 35.5% compared to the same quarter last year.

Several other brokerages also recently weighed in on FELE. Boenning Scattergood upgraded Franklin Electric from a “neutral” rating to an “outperform” rating and set a $95.00 target price for the company in a research note on Wednesday, March 9th. Robert W. Baird decreased their price target on Franklin Electric from $93.00 to $86.00 in a research note on Wednesday. StockNews.com assumed coverage on Franklin Electric in a research note on Thursday, March 31st. They issued a “buy” rating for the company. Finally, Zacks Investment Research downgraded Franklin Electric from a “buy” rating to a “hold” rating in a research note on Tuesday, April 19th.

Shares of Franklin Electric stock opened at $71.91 on Friday. The business has a 50-day moving average of $81.74 and a 200-day moving average of $86.81. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.83 and a quick ratio of 0.69. The company has a market capitalization of $3.34 billion, a PE ratio of 22.13 and a beta of 0.98. Franklin Electric has a 1-year low of $68.27 and a 1-year high of $96.95.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 19th. Shareholders of record on Thursday, May 5th will be paid a $0.195 dividend. The ex-dividend date of this dividend is Wednesday, May 4th. This represents a $0.78 dividend on an annualized basis and a yield of 1.08%. Franklin Electric’s payout ratio is currently 24.00%.

In other Franklin Electric news, insider Delancey W. Davis sold 3,075 shares of Franklin Electric stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $85.30, for a total value of $262,297.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FELE. Allspring Global Investments Holdings LLC bought a new position in shares of Franklin Electric in the fourth quarter valued at $198,321,000. Norges Bank purchased a new position in Franklin Electric during the 4th quarter worth approximately $40,364,000. BlackRock Inc. grew its position in Franklin Electric by 2.4% during the 3rd quarter. BlackRock Inc. now owns 7,688,420 shares of the industrial products company’s stock worth $613,920,000 after purchasing an additional 179,681 shares in the last quarter. Allianz Asset Management GmbH grew its position in Franklin Electric by 18.2% during the 3rd quarter. Allianz Asset Management GmbH now owns 919,506 shares of the industrial products company’s stock worth $73,422,000 after purchasing an additional 141,851 shares in the last quarter. Finally, Morgan Stanley grew its position in Franklin Electric by 41.9% during the 2nd quarter. Morgan Stanley now owns 343,829 shares of the industrial products company’s stock worth $27,720,000 after purchasing an additional 101,548 shares in the last quarter. 77.01% of the stock is currently owned by institutional investors.

Franklin Electric Company Profile (Get Rating)

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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