Franklin Electric Co., Inc. (NASDAQ:FELE) Expected to Post Q2 2024 Earnings of $1.28 Per Share

Franklin Electric Co., Inc. (NASDAQ:FELE) – Research analysts at DA Davidson issued their Q2 2024 EPS estimates for Franklin Electric in a research note issued to investors on Wednesday, May 1st. DA Davidson analyst M. Summerville forecasts that the industrial products company will earn $1.28 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $90.00 target price on the stock. The consensus estimate for Franklin Electric’s current full-year earnings is $4.32 per share.

A number of other analysts have also recently weighed in on FELE. StockNews.com raised shares of Franklin Electric from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Robert W. Baird upped their price objective on Franklin Electric from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Finally, Northcoast Research upgraded shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Friday, February 23rd. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.00.

Franklin Electric Stock Performance

FELE stock opened at $97.60 on Thursday. The company has a current ratio of 2.85, a quick ratio of 1.20 and a debt-to-equity ratio of 0.07. Franklin Electric has a 12-month low of $82.61 and a 12-month high of $107.89. The stock’s 50 day simple moving average is $102.34 and its 200 day simple moving average is $95.88. The firm has a market cap of $4.49 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.86 and a beta of 0.99.

Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). The company had revenue of $460.90 million during the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The business’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 EPS.

Franklin Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s payout ratio is currently 24.88%.

Insider Activity

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the completion of the sale, the chief executive officer now owns 154,993 shares in the company, valued at $15,493,100.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Franklin Electric

A number of institutional investors and hedge funds have recently bought and sold shares of FELE. Commonwealth Equity Services LLC grew its stake in shares of Franklin Electric by 4.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 7,427 shares of the industrial products company’s stock worth $663,000 after purchasing an additional 306 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Franklin Electric by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,359 shares of the industrial products company’s stock worth $746,000 after buying an additional 581 shares in the last quarter. Strs Ohio grew its position in Franklin Electric by 164.6% in the third quarter. Strs Ohio now owns 12,700 shares of the industrial products company’s stock worth $1,133,000 after buying an additional 7,900 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Franklin Electric by 3.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,435 shares of the industrial products company’s stock valued at $2,091,000 after buying an additional 734 shares in the last quarter. Finally, Park Avenue Securities LLC acquired a new stake in shares of Franklin Electric during the 3rd quarter valued at $250,000. 79.98% of the stock is owned by institutional investors and hedge funds.

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.