Franklin Electric (NASDAQ:FELE) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Franklin Electric (NASDAQ:FELE) announced its quarterly earnings data on Tuesday. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.04), Briefing.com reports. The business had revenue of $460.90 million during the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.79 EPS. Franklin Electric updated its FY24 guidance to $4.22-4.40 EPS and its FY 2024 guidance to 4.220-4.400 EPS.

Franklin Electric Stock Up 2.6 %

FELE traded up $2.52 on Wednesday, reaching $98.54. 61,196 shares of the company traded hands, compared to its average volume of 183,126. The stock’s 50 day moving average price is $102.35 and its 200-day moving average price is $95.87. Franklin Electric has a 52-week low of $82.61 and a 52-week high of $107.89. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 1.99 and a beta of 0.96. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.97 and a quick ratio of 1.20.

Franklin Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s dividend payout ratio (DPR) is currently 24.33%.

Insider Activity at Franklin Electric

In related news, CEO Gregg C. Sengstack sold 10,366 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the transaction, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at $15,493,100.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Franklin Electric from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Northcoast Research raised shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research report on Friday, February 23rd. Finally, StockNews.com downgraded shares of Franklin Electric from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 14th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.00.

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.