Franklin Electric (NASDAQ:FELE) Lowered to Sell at Zacks Investment Research

Franklin Electric (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday, Zacks.com reports.

According to Zacks, “Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Franklin Electric has produced high-quality industrial pumps, filters and accessories. By introducing the new Little Giant PondWorks program, Franklin Electric now brings the same exceptional knowledge, experience, and quality to the recreational water gardening and outdoor living markets. “

Several other brokerages have also issued reports on FELE. BidaskClub lowered shares of Franklin Electric from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Franklin Electric in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Franklin Electric currently has a consensus rating of “Hold” and a consensus price target of $54.00.

Shares of Franklin Electric stock opened at $49.79 on Monday. The firm has a market capitalization of $2.27 billion, a PE ratio of 22.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.15 and a quick ratio of 0.98. The company’s fifty day moving average price is $47.36 and its two-hundred day moving average price is $46.81. Franklin Electric has a 52-week low of $38.87 and a 52-week high of $55.59.

Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.04). The business had revenue of $355.30 million during the quarter, compared to the consensus estimate of $358.31 million. Franklin Electric had a net margin of 7.36% and a return on equity of 13.17%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm earned $0.65 EPS. Analysts predict that Franklin Electric will post 2.19 earnings per share for the current fiscal year.

In other news, VP Steven William Aikman sold 3,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Delancey W. Davis sold 820 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $48.83, for a total transaction of $40,040.60. Following the completion of the sale, the insider now directly owns 18,486 shares in the company, valued at approximately $902,671.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,836 shares of company stock worth $1,233,014. 2.88% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. WINTON GROUP Ltd acquired a new position in Franklin Electric during the 2nd quarter valued at about $1,782,000. First National Bank of Omaha raised its position in shares of Franklin Electric by 1.9% in the 2nd quarter. First National Bank of Omaha now owns 83,041 shares of the industrial products company’s stock valued at $3,944,000 after acquiring an additional 1,519 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Franklin Electric by 2.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 15,326 shares of the industrial products company’s stock valued at $728,000 after acquiring an additional 300 shares during the period. Arizona State Retirement System raised its position in shares of Franklin Electric by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 59,748 shares of the industrial products company’s stock valued at $2,838,000 after acquiring an additional 499 shares during the period. Finally, Strs Ohio raised its position in shares of Franklin Electric by 98.2% in the 2nd quarter. Strs Ohio now owns 21,800 shares of the industrial products company’s stock valued at $1,035,000 after acquiring an additional 10,800 shares during the period. 77.54% of the stock is currently owned by institutional investors and hedge funds.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates in three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment.

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