Franklin Electric (FELE) Downgraded by Zacks Investment Research to Sell

Franklin Electric (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Franklin Electric has produced high-quality industrial pumps, filters and accessories. By introducing the new Little Giant PondWorks program, Franklin Electric now brings the same exceptional knowledge, experience, and quality to the recreational water gardening and outdoor living markets. “

FELE has been the topic of a number of other research reports. ValuEngine lowered Franklin Electric from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. BidaskClub lowered Franklin Electric from a “buy” rating to a “hold” rating in a research report on Tuesday, August 28th. Finally, DA Davidson assumed coverage on Franklin Electric in a research report on Monday, June 11th. They set a “neutral” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $48.80.

Shares of NASDAQ:FELE opened at $47.00 on Tuesday. Franklin Electric has a 1 year low of $38.45 and a 1 year high of $51.45. The company has a market cap of $2.20 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 2.44 and a beta of 1.58. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.00 and a current ratio of 2.06.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, July 24th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.05). Franklin Electric had a net margin of 6.80% and a return on equity of 13.65%. The business had revenue of $344.00 million for the quarter, compared to analysts’ expectations of $348.65 million. During the same quarter last year, the business earned $0.58 EPS. The company’s quarterly revenue was up 12.7% on a year-over-year basis. sell-side analysts expect that Franklin Electric will post 2.27 EPS for the current fiscal year.

In related news, VP Donald P. Kenney sold 1,500 shares of the stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $49.00, for a total value of $73,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven William Aikman sold 3,500 shares of the stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $49.89, for a total value of $174,615.00. Following the completion of the transaction, the vice president now directly owns 18,515 shares of the company’s stock, valued at $923,713.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,500 shares of company stock valued at $323,430. 2.52% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pitcairn Co. acquired a new position in Franklin Electric in the 1st quarter valued at $219,000. SG Americas Securities LLC raised its stake in Franklin Electric by 104.2% in the 1st quarter. SG Americas Securities LLC now owns 6,939 shares of the industrial products company’s stock valued at $283,000 after purchasing an additional 3,541 shares during the last quarter. Victory Capital Management Inc. raised its stake in Franklin Electric by 41.6% in the 1st quarter. Victory Capital Management Inc. now owns 6,987 shares of the industrial products company’s stock valued at $285,000 after purchasing an additional 2,052 shares during the last quarter. Xact Kapitalforvaltning AB raised its stake in Franklin Electric by 61.9% in the 1st quarter. Xact Kapitalforvaltning AB now owns 7,323 shares of the industrial products company’s stock valued at $298,000 after purchasing an additional 2,800 shares during the last quarter. Finally, Profund Advisors LLC raised its stake in Franklin Electric by 20.6% in the 1st quarter. Profund Advisors LLC now owns 7,376 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 1,260 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates in three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment.

See Also: Compound Annual Growth Rate (CAGR)

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