Van ECK Associates Corp Has $138,000 Position in Franklin Electric Co., Inc. (NASDAQ:FELE)

Posted by on May 19th, 2023

Van ECK Associates Corp grew its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) by 390.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,731 shares of the industrial products company’s stock after acquiring an additional 1,378 shares during the period. Van ECK Associates Corp’s holdings in Franklin Electric were worth $138,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. California Public Employees Retirement System grew its stake in shares of Franklin Electric by 1.7% in the 4th quarter. California Public Employees Retirement System now owns 109,522 shares of the industrial products company’s stock valued at $8,734,000 after buying an additional 1,870 shares during the period. Swiss National Bank grew its stake in shares of Franklin Electric by 1.8% in the 4th quarter. Swiss National Bank now owns 95,000 shares of the industrial products company’s stock valued at $7,576,000 after buying an additional 1,700 shares during the period. Arizona State Retirement System grew its stake in shares of Franklin Electric by 3.8% in the 4th quarter. Arizona State Retirement System now owns 11,103 shares of the industrial products company’s stock valued at $885,000 after buying an additional 405 shares during the period. US Asset Management LLC acquired a new stake in shares of Franklin Electric in the 4th quarter valued at about $184,000. Finally, Duality Advisers LP acquired a new stake in shares of Franklin Electric in the 4th quarter valued at about $770,000. 79.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FELE shares. Seaport Res Ptn reiterated a “buy” rating on shares of Franklin Electric in a research note on Wednesday, May 10th. Oppenheimer assumed coverage on Franklin Electric in a report on Tuesday, April 18th. They set a “market perform” rating for the company. Robert W. Baird boosted their price objective on Franklin Electric from $87.00 to $93.00 and gave the stock a “neutral” rating in a report on Wednesday, February 15th. DA Davidson reissued a “neutral” rating and set a $90.00 price objective (up from $85.00) on shares of Franklin Electric in a report on Wednesday, May 3rd. Finally, StockNews.com started coverage on Franklin Electric in a research note on Thursday. They issued a “buy” rating on the stock. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $88.33.

Insider Activity at Franklin Electric

In related news, VP Kenneth Keene sold 1,149 shares of the company’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $96.58, for a total value of $110,970.42. Following the transaction, the vice president now owns 4,272 shares in the company, valued at $412,589.76. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Franklin Electric news, VP Donald P. Kenney sold 1,400 shares of the stock in a transaction on Thursday, March 9th. The stock was sold at an average price of $92.74, for a total transaction of $129,836.00. Following the sale, the vice president now owns 23,918 shares in the company, valued at $2,218,155.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Kenneth Keene sold 1,149 shares of the stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $96.58, for a total value of $110,970.42. Following the sale, the vice president now owns 4,272 shares in the company, valued at approximately $412,589.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,637 shares of company stock worth $2,328,725. Insiders own 2.84% of the company’s stock.

Franklin Electric Price Performance

Shares of NASDAQ FELE opened at $93.67 on Friday. Franklin Electric Co., Inc. has a twelve month low of $68.38 and a twelve month high of $100.00. The stock’s 50 day moving average price is $90.77 and its 200-day moving average price is $87.61. The company has a market capitalization of $4.33 billion, a PE ratio of 22.68, a PEG ratio of 1.74 and a beta of 0.98. The company has a quick ratio of 0.75, a current ratio of 1.99 and a debt-to-equity ratio of 0.08.

Franklin Electric (NASDAQ:FELE – Get Rating) last announced its earnings results on Tuesday, May 2nd. The industrial products company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. Franklin Electric had a return on equity of 18.76% and a net margin of 9.38%. The firm had revenue of $484.60 million for the quarter, compared to the consensus estimate of $476.26 million. During the same quarter in the previous year, the business earned $0.64 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. On average, equities analysts anticipate that Franklin Electric Co., Inc. will post 4.35 EPS for the current year.

Franklin Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Thursday, May 4th were paid a $0.225 dividend. The ex-dividend date was Wednesday, May 3rd. This represents a $0.90 annualized dividend and a yield of 0.96%. Franklin Electric’s payout ratio is 21.79%.

Franklin Electric Profile

(Get Rating)

Franklin Electric Co, Inc engages in the development, manufacture, and distribution of water and fuel pumping systems. It operates through the following business segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment designs, manufactures, and sells water pumping systems, submersible motors, pumps, electronic controls, and related parts and equipment.

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Institutional Ownership by Quarter for Franklin Electric (NASDAQ:FELE)

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