Franklin Electric (NASDAQ:FELE) Releases FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.22-4.40 for the period, compared to the consensus earnings per share estimate of $4.33. The company issued revenue guidance of $2.10-2.17 billion, compared to the consensus revenue estimate of $2.12 billion. Franklin Electric also updated its FY 2024 guidance to 4.220-4.400 EPS.

Franklin Electric Stock Performance

Shares of NASDAQ FELE traded up $0.18 during trading hours on Friday, hitting $98.90. 163,157 shares of the company’s stock were exchanged, compared to its average volume of 186,102. The company’s 50-day moving average price is $102.32 and its 200-day moving average price is $95.98. Franklin Electric has a 1-year low of $82.61 and a 1-year high of $107.89. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 1.90 and a beta of 0.99. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.85 and a quick ratio of 1.20.

Franklin Electric (NASDAQ:FELE) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). The business had revenue of $460.90 million for the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a return on equity of 15.86% and a net margin of 9.25%. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 earnings per share. On average, sell-side analysts expect that Franklin Electric will post 4.28 earnings per share for the current fiscal year.

Franklin Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Wednesday, May 1st. Franklin Electric’s dividend payout ratio is currently 24.88%.

Analysts Set New Price Targets

FELE has been the topic of several research reports. DA Davidson boosted their price target on Franklin Electric from $87.00 to $90.00 and gave the company a neutral rating in a research note on Wednesday. Northcoast Research raised 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. Robert W. Baird lifted their price target on shares of Franklin Electric from $91.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday, February 14th. Finally, StockNews.com upgraded shares of Franklin Electric from a buy rating to a strong-buy rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Franklin Electric currently has an average rating of Moderate Buy and an average target price of $100.00.

Insiders Place Their Bets

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $99.96, for a total value of $1,036,185.36. Following the sale, the chief executive officer now owns 154,993 shares in the company, valued at approximately $15,493,100.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.72% of the company’s stock.

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.