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 Trading Down 6.2 %

NASDAQ FELE traded down $6.39 during mid-day trading on Tuesday, hitting $96.85. The company’s stock had a trading volume of 211,333 shares, compared to its average volume of 181,900. 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 has a 52-week low of $82.61 and a 52-week high of $107.89. The stock’s fifty day simple moving average is $102.41 and its two-hundred day simple moving average is $95.80. The firm has a market capitalization of $4.46 billion, a P/E ratio of 25.12, a price-to-earnings-growth ratio of 1.98 and a beta of 0.96.

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

Franklin Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s dividend payout ratio (DPR) is 24.33%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Robert W. Baird increased their target price on Franklin Electric from $91.00 to $100.00 and gave the company 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 price objective for the company in a 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 analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Franklin Electric presently has an average rating of Moderate Buy and a consensus price target of $100.00.

Insider Transactions at Franklin Electric

In related news, CEO Gregg C. Sengstack sold 10,366 shares of the 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 completion of the sale, the chief executive officer now directly owns 154,993 shares of the company’s stock, valued at $15,493,100.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.72% of the company’s stock.

About Franklin Electric

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.