Franklin Electric (NASDAQ:FELE) Updates FY 2024 Earnings Guidance

Franklin Electric (NASDAQ:FELE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.220-4.400 for the period, compared to the consensus estimate of 4.330. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion. Franklin Electric also updated its FY24 guidance to $4.22-4.40 EPS.

Franklin Electric Stock Down 6.2 %

Shares of NASDAQ FELE traded down $6.39 during trading hours on Tuesday, hitting $96.85. 211,333 shares of the stock were exchanged, compared to its average volume of 181,900. The company has a market cap of $4.46 billion, a PE ratio of 25.12, a PEG ratio of 1.98 and a beta of 0.96. Franklin Electric has a 12 month low of $82.61 and a 12 month high of $107.89. The company has a quick ratio of 1.20, a current ratio of 2.97 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average price of $102.41 and a 200-day moving average price of $95.80.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, February 13th. The industrial products company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.02). Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The business had revenue of $472.97 million for the quarter, compared to analysts’ expectations of $490.47 million. During the same quarter last year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Franklin Electric will post 4.32 EPS for the current year.

Franklin Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s dividend payout ratio is presently 24.33%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of Franklin Electric from a strong-buy rating to a buy rating in a report on Sunday, January 14th. Northcoast Research raised Franklin Electric from a neutral rating to a buy rating and set a $110.00 price objective on the stock in a report on Friday, February 23rd. Finally, Robert W. Baird lifted their target price on Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $100.00.

Insider Transactions at Franklin Electric

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the completion of the transaction, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at approximately $15,493,100.28. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate 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.