USA Financial Formulas Grows Position in Franklin Electric Co., Inc. (NASDAQ:FELE)

USA Financial Formulas raised its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 50.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 900 shares of the industrial products company’s stock after purchasing an additional 300 shares during the quarter. USA Financial Formulas’ holdings in Franklin Electric were worth $84,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. CX Institutional purchased a new stake in Franklin Electric during the first quarter valued at about $219,000. Assenagon Asset Management S.A. lifted its holdings in Franklin Electric by 241.9% during the first quarter. Assenagon Asset Management S.A. now owns 73,362 shares of the industrial products company’s stock valued at $6,887,000 after purchasing an additional 51,903 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Franklin Electric by 46.7% in the first quarter. GAMMA Investing LLC now owns 2,051 shares of the industrial products company’s stock worth $193,000 after buying an additional 653 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Franklin Electric by 6,733.1% in the first quarter. Harbor Capital Advisors Inc. now owns 10,113 shares of the industrial products company’s stock worth $949,000 after buying an additional 9,965 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Franklin Electric by 168.5% in the first quarter. Farther Finance Advisors LLC now owns 290 shares of the industrial products company’s stock worth $28,000 after buying an additional 182 shares in the last quarter. 79.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Franklin Electric

In related news, Director David M. Wathen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $86.70, for a total value of $2,167,500.00. Following the sale, the director now directly owns 74,402 shares of the company’s stock, valued at $6,450,653.40. This trade represents a 25.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David M. Wathen sold 24,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $86.10, for a total transaction of $2,066,400.00. The disclosure for this sale can be found here. Insiders have sold 99,402 shares of company stock valued at $8,529,908 over the last three months. 2.72% of the stock is owned by corporate insiders.

Franklin Electric Trading Down 0.4%

Shares of Franklin Electric stock opened at $86.90 on Thursday. Franklin Electric Co., Inc. has a 12-month low of $78.87 and a 12-month high of $111.94. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 2.11 and a beta of 1.08. The company has a current ratio of 2.22, a quick ratio of 1.06 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $87.24 and its 200-day moving average price is $95.86.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.06). The company had revenue of $455.25 million during the quarter, compared to analysts’ expectations of $471.21 million. Franklin Electric had a net margin of 8.92% and a return on equity of 14.46%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 earnings per share. On average, equities analysts expect that Franklin Electric Co., Inc. will post 4.19 earnings per share for the current fiscal year.

Franklin Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 8th were paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, May 8th. Franklin Electric’s dividend payout ratio is currently 27.75%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird lowered their price target on shares of Franklin Electric from $111.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Wall Street Zen raised shares of Franklin Electric from a “hold” rating to a “buy” rating in a report on Wednesday, May 14th.

Franklin Electric 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.