State of Alaska Department of Revenue Sells 852 Shares of Franklin Electric Co., Inc. (NASDAQ:FELE)

State of Alaska Department of Revenue cut its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 3.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,415 shares of the industrial products company’s stock after selling 852 shares during the period. State of Alaska Department of Revenue’s holdings in Franklin Electric were worth $2,349,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FELE. First Merchants Corp bought a new stake in Franklin Electric in the second quarter worth about $19,054,000. F M Investments LLC bought a new stake in shares of Franklin Electric during the 2nd quarter valued at about $9,158,000. Assenagon Asset Management S.A. grew its stake in Franklin Electric by 116.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 165,601 shares of the industrial products company’s stock worth $15,951,000 after buying an additional 89,128 shares in the last quarter. Edgestream Partners L.P. increased its holdings in shares of Franklin Electric by 328.4% in the 2nd quarter. Edgestream Partners L.P. now owns 64,431 shares of the industrial products company’s stock worth $6,206,000 after buying an additional 49,391 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Franklin Electric by 2.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,030,238 shares of the industrial products company’s stock valued at $212,810,000 after buying an additional 40,248 shares in the last quarter. Institutional investors and hedge funds own 79.98% of the company’s stock.

Franklin Electric Trading Up 1.9 %

Shares of FELE stock opened at $97.50 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.40 and a quick ratio of 1.14. Franklin Electric Co., Inc. has a 1-year low of $85.47 and a 1-year high of $108.39. The business has a 50-day moving average of $101.64 and a 200 day moving average of $100.11. The stock has a market capitalization of $4.45 billion, a PE ratio of 24.68, a P/E/G ratio of 2.09 and a beta of 0.95.

Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.10). Franklin Electric had a net margin of 9.22% and a return on equity of 15.03%. The firm had revenue of $531.40 million for the quarter, compared to the consensus estimate of $551.08 million. During the same quarter in the prior year, the company earned $1.23 earnings per share. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Franklin Electric Co., Inc. will post 3.84 earnings per share for the current year.

Franklin Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.03%. Franklin Electric’s dividend payout ratio (DPR) is 25.32%.

Analysts Set New Price Targets

Separately, Robert W. Baird lowered their price target on Franklin Electric from $107.00 to $105.00 and set a “neutral” rating on the stock in a research report on Wednesday.

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.