State of Alaska Department of Revenue Purchases 1,574 Shares of Franklin Electric Co., Inc. $FELE

State of Alaska Department of Revenue grew its position in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 7.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,345 shares of the industrial products company’s stock after buying an additional 1,574 shares during the quarter. State of Alaska Department of Revenue owned 0.05% of Franklin Electric worth $2,094,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FELE. Counterpoint Mutual Funds LLC bought a new stake in shares of Franklin Electric in the 2nd quarter worth approximately $353,000. Assenagon Asset Management S.A. raised its holdings in Franklin Electric by 57.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 115,719 shares of the industrial products company’s stock valued at $10,385,000 after acquiring an additional 42,357 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Franklin Electric by 14.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 4,177 shares of the industrial products company’s stock valued at $388,000 after acquiring an additional 524 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Franklin Electric by 1.4% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,256 shares of the industrial products company’s stock valued at $920,000 after acquiring an additional 143 shares during the period. Finally, Gallacher Capital Management LLC bought a new stake in Franklin Electric during the 2nd quarter valued at $230,000. Institutional investors own 79.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FELE. Robert W. Baird boosted their target price on shares of Franklin Electric from $94.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of Franklin Electric from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $107.00.

Franklin Electric Stock Up 1.1%

Shares of NASDAQ:FELE opened at $96.31 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.77 and a current ratio of 1.72. The firm has a market capitalization of $4.28 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 1.92 and a beta of 1.08. The firm has a fifty day moving average of $95.71 and a 200 day moving average of $91.56. Franklin Electric Co., Inc. has a 52-week low of $78.87 and a 52-week high of $111.94.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.03. The business had revenue of $587.43 million during the quarter, compared to the consensus estimate of $566.61 million. Franklin Electric had a net margin of 8.71% and a return on equity of 14.05%. Franklin Electric has set its FY 2025 guidance at 3.950-4.250 EPS. As a group, research analysts anticipate that Franklin Electric Co., Inc. will post 4.19 EPS for the current fiscal year.

Franklin Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, August 7th. Franklin Electric’s dividend payout ratio is 27.39%.

Franklin Electric announced that its Board of Directors has authorized a share buyback program on Friday, June 13th that allows the company to repurchase 1,200,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Franklin Electric

In other news, insider Jonathan M. Grandon sold 10,036 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $98.03, for a total transaction of $983,829.08. Following the completion of the transaction, the insider directly owned 8,171 shares of the company’s stock, valued at approximately $801,003.13. This represents a 55.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.72% of the company’s stock.

Franklin Electric Company Profile

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.