Franklin Electric Co. (NASDAQ:FELE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Shares of Franklin Electric (NASDAQ:FELE) traded up 0.37% during midday trading on Monday, hitting $41.05. The stock had a trading volume of 79,919 shares. The company has a market capitalization of $1.90 billion, a PE ratio of 25.51 and a beta of 1.44. Franklin Electric has a one year low of $27.13 and a one year high of $44.55. The firm’s 50-day moving average is $39.80 and its 200 day moving average is $39.14.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 16th. Shareholders of record on Thursday, February 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Tuesday, January 31st. Franklin Electric’s payout ratio is presently 24.84%.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Franklin Electric by 8.0% in the third quarter. Victory Capital Management Inc. now owns 2,630 shares of the company’s stock worth $107,000 after buying an additional 195 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Franklin Electric by 6.3% in the third quarter. Advisor Group Inc. now owns 2,823 shares of the company’s stock worth $116,000 after buying an additional 168 shares in the last quarter. Amalgamated Bank bought a new stake in shares of Franklin Electric during the second quarter worth $202,000. Teacher Retirement System of Texas boosted its stake in shares of Franklin Electric by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 5,503 shares of the company’s stock worth $182,000 after buying an additional 671 shares in the last quarter. Finally, NEXT Financial Group Inc boosted its stake in shares of Franklin Electric by 27.5% in the third quarter. NEXT Financial Group Inc now owns 6,601 shares of the company’s stock worth $269,000 after buying an additional 1,424 shares in the last quarter. 77.48% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Electric Company Profile
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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