Wells Fargo & Company MN Sells 117,908 Shares of Franklin Electric Co. (FELE)
Wells Fargo & Company MN lessened its holdings in Franklin Electric Co. (NASDAQ:FELE) by 6.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,582,726 shares of the industrial products company’s stock after selling 117,908 shares during the period. Wells Fargo & Company MN owned 3.40% of Franklin Electric worth $70,985,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Franklin Electric by 1.1% in the second quarter. Vanguard Group Inc. now owns 3,897,548 shares of the industrial products company’s stock worth $161,359,000 after buying an additional 41,940 shares in the last quarter. Earnest Partners LLC raised its position in shares of Franklin Electric by 8.3% in the second quarter. Earnest Partners LLC now owns 2,248,817 shares of the industrial products company’s stock worth $93,101,000 after buying an additional 172,872 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Franklin Electric by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,594,418 shares of the industrial products company’s stock worth $66,008,000 after buying an additional 18,598 shares in the last quarter. Royce & Associates LP raised its position in shares of Franklin Electric by 29.6% in the second quarter. Royce & Associates LP now owns 1,471,248 shares of the industrial products company’s stock worth $60,910,000 after buying an additional 335,900 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Franklin Electric by 2.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,302,225 shares of the industrial products company’s stock worth $58,405,000 after buying an additional 33,400 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.
In other news, VP Donald P. Kenney sold 4,754 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $45.00, for a total transaction of $213,930.00. Following the transaction, the vice president now directly owns 19,129 shares of the company’s stock, valued at $860,805. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.54% of the stock is currently owned by company insiders.
FELE has been the topic of a number of research analyst reports. Zacks Investment Research raised Franklin Electric from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, September 27th. Boenning Scattergood reissued a “buy” rating on shares of Franklin Electric in a research note on Tuesday, October 24th. Robert W. Baird reissued a “hold” rating and issued a $45.00 target price on shares of Franklin Electric in a research note on Wednesday, October 4th. Seaport Global Securities reissued a “neutral” rating on shares of Franklin Electric in a research note on Wednesday, October 25th. Finally, BidaskClub cut Franklin Electric from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $49.33.
Franklin Electric Co. (FELE) opened at $45.90 on Thursday. The company has a market capitalization of $2,127.14, a price-to-earnings ratio of 25.08 and a beta of 1.62. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.35 and a quick ratio of 1.13. Franklin Electric Co. has a 12 month low of $36.00 and a 12 month high of $47.20.
Franklin Electric (NASDAQ:FELE) last released its earnings results on Tuesday, October 24th. The industrial products company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. The business had revenue of $311.11 million for the quarter, compared to analysts’ expectations of $317.54 million. Franklin Electric had a return on equity of 13.09% and a net margin of 8.13%. The firm’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 earnings per share. equities analysts forecast that Franklin Electric Co. will post 1.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Stockholders of record on Thursday, November 2nd were paid a dividend of $0.1075 per share. The ex-dividend date was Wednesday, November 1st. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.94%. Franklin Electric’s dividend payout ratio (DPR) is currently 23.12%.
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Franklin Electric Profile
Franklin Electric Co, Inc designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices.
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