Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating)’s stock price shot up 3.6% on Tuesday following a dividend announcement from the company. The company traded as high as $82.51 and last traded at $82.16. 1,892 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 150,045 shares. The stock had previously closed at $79.28.
The newly announced 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 0.93%. The ex-dividend date of this dividend is Wednesday, August 3rd. Franklin Electric’s dividend payout ratio (DPR) is presently 23.71%.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on FELE. Robert W. Baird lowered Franklin Electric from an “outperform” rating to a “neutral” rating and set a $75.00 price target for the company. in a research report on Thursday, July 14th. StockNews.com downgraded shares of Franklin Electric from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. Seaport Res Ptn raised shares of Franklin Electric from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 27th. Finally, Northcoast Research assumed coverage on shares of Franklin Electric in a research report on Friday, July 15th. They set a “buy” rating and a $82.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.
Franklin Electric Trading Up 5.4 %
Franklin Electric (NASDAQ:FELE – Get Rating) last announced its quarterly earnings results on Tuesday, April 26th. The industrial products company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.63 by $0.01. Franklin Electric had a net margin of 8.75% and a return on equity of 16.08%. The company had revenue of $451.50 million for the quarter, compared to analyst estimates of $424.62 million. During the same quarter in the prior year, the business posted $0.59 EPS. Franklin Electric’s quarterly revenue was up 35.5% on a year-over-year basis. On average, equities research analysts predict that Franklin Electric Co., Inc. will post 3.64 EPS for the current year.
Insiders Place Their Bets
In other news, VP Paul Chhabra sold 10,250 shares of the company’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $75.42, for a total transaction of $773,055.00. Following the completion of the sale, the vice president now owns 10,911 shares in the company, valued at approximately $822,907.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Paul Chhabra sold 10,250 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $75.42, for a total value of $773,055.00. Following the sale, the vice president now directly owns 10,911 shares of the company’s stock, valued at $822,907.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jeffery L. Taylor acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 9th. The shares were acquired at an average cost of $70.36 per share, with a total value of $140,720.00. Following the transaction, the chief financial officer now directly owns 12,539 shares in the company, valued at approximately $882,244.04. The disclosure for this purchase can be found here. Insiders have sold 29,565 shares of company stock valued at $2,162,514 over the last three months. 3.10% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Franklin Electric
Several large investors have recently bought and sold shares of FELE. Allspring Global Investments Holdings LLC bought a new position in Franklin Electric in the fourth quarter worth $198,321,000. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Franklin Electric during the 2nd quarter valued at about $37,279,000. First Merchants Corp bought a new stake in Franklin Electric in the second quarter valued at about $14,799,000. Allianz Asset Management GmbH raised its position in Franklin Electric by 11.2% in the fourth quarter. Allianz Asset Management GmbH now owns 1,022,495 shares of the industrial products company’s stock worth $96,687,000 after purchasing an additional 102,989 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Franklin Electric during the first quarter worth about $6,291,000. 77.59% of the stock is currently owned by institutional investors and hedge funds.
About Franklin Electric
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.
- Get a free copy of the StockNews.com research report on Franklin Electric (FELE)
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