Teacher Retirement System of Texas Increases Position in Franklin Electric Co., Inc. (NASDAQ:FELE)

Posted by on Jun 8th, 2023

Teacher Retirement System of Texas raised its position in Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating) by 33.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,132 shares of the industrial products company’s stock after buying an additional 4,571 shares during the period. Teacher Retirement System of Texas’ holdings in Franklin Electric were worth $1,446,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its holdings in Franklin Electric by 7.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,552 shares of the industrial products company’s stock worth $124,000 after buying an additional 112 shares during the last quarter. Bank of America Corp DE boosted its holdings in Franklin Electric by 3.1% in the 4th quarter. Bank of America Corp DE now owns 765,582 shares of the industrial products company’s stock worth $61,055,000 after buying an additional 23,117 shares during the last quarter. New York Life Investment Management LLC boosted its holdings in Franklin Electric by 12.0% in the 4th quarter. New York Life Investment Management LLC now owns 6,831 shares of the industrial products company’s stock worth $545,000 after buying an additional 733 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Franklin Electric by 176.3% in the 4th quarter. Schroder Investment Management Group now owns 47,039 shares of the industrial products company’s stock worth $3,751,000 after buying an additional 30,012 shares during the last quarter. Finally, HRT Financial LP acquired a new stake in Franklin Electric in the 4th quarter worth about $2,121,000. 79.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Franklin Electric

In other Franklin Electric news, insider Delancey W. Davis sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $93.14, for a total value of $116,425.00. Following the sale, the insider now owns 11,581 shares of the company’s stock, valued at $1,078,654.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Franklin Electric news, VP Donald P. Kenney sold 1,159 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $94.00, for a total value of $108,946.00. Following the sale, the vice president now owns 25,855 shares of the company’s stock, valued at $2,430,370. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Delancey W. Davis sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $93.14, for a total value of $116,425.00. Following the completion of the sale, the insider now directly owns 11,581 shares in the company, valued at approximately $1,078,654.34. The disclosure for this sale can be found here. Insiders have sold a total of 11,409 shares of company stock valued at $1,072,811 over the last quarter. 2.84% of the stock is owned by company insiders.

Franklin Electric Trading Up 3.3 %

FELE opened at $99.54 on Thursday. Franklin Electric Co., Inc. has a one year low of $68.38 and a one year high of $100.00. The stock has a market capitalization of $4.60 billion, a PE ratio of 24.10, a P/E/G ratio of 1.81 and a beta of 0.97. The business’s 50 day moving average price is $91.59 and its 200 day moving average price is $88.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.75 and a current ratio of 1.99.

Franklin Electric (NASDAQ:FELE – Get Rating) last released its quarterly earnings data on Tuesday, May 2nd. The industrial products company reported $0.79 EPS for the quarter, beating 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 analysts’ expectations of $476.26 million. During the same period in the prior year, the firm posted $0.64 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts expect that Franklin Electric Co., Inc. will post 4.35 EPS for the current year.

Franklin Electric Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently weighed in on FELE. DA Davidson restated a “neutral” rating and set a $90.00 target price (up from $85.00) on shares of Franklin Electric in a report on Wednesday, May 3rd. Oppenheimer began coverage on Franklin Electric in a report on Tuesday, April 18th. They set a “market perform” rating on the stock. StockNews.com began coverage on Franklin Electric in a report on Thursday, May 18th. They set a “buy” rating on the stock. Robert W. Baird boosted their target price on Franklin Electric from $87.00 to $93.00 and gave the stock a “neutral” rating in a report on Wednesday, February 15th. Finally, Seaport Res Ptn restated a “buy” rating on shares of Franklin Electric in a report on Wednesday, May 10th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.33.

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.

Featured Articles

Want to see what other hedge funds are holding FELE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Electric Co., Inc. (NASDAQ:FELE – Get Rating).

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

Receive News & Ratings for Franklin Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Electric and related companies with MarketBeat.com's FREE daily email newsletter.