Franklin Electric (NASDAQ:FELE) Announces Quarterly Earnings Results

Franklin Electric (NASDAQ:FELE) issued its earnings results on Tuesday. The industrial products company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.06), Briefing.com reports. Franklin Electric had a net margin of 9.35% and a return on equity of 15.64%. The firm had revenue of $543.30 million during the quarter, compared to the consensus estimate of $570.80 million. During the same period in the previous year, the company posted $1.27 EPS. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. Franklin Electric updated its FY24 guidance to $4.16-4.34 EPS and its FY 2024 guidance to 4.160-4.340 EPS.

Franklin Electric Stock Up 3.3 %

FELE traded up $3.35 during trading hours on Thursday, hitting $104.43. 37,911 shares of the company’s stock were exchanged, compared to its average volume of 177,476. Franklin Electric has a 1-year low of $82.61 and a 1-year high of $107.89. The stock’s 50-day moving average is $97.98 and its two-hundred day moving average is $99.28. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 1.95 and a beta of 0.96. The company has a quick ratio of 1.17, a current ratio of 2.85 and a debt-to-equity ratio of 0.07.

Franklin Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 1st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, August 1st. Franklin Electric’s payout ratio is 24.88%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Franklin Electric from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 9th. DA Davidson upped their price target on shares of Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st.

Insider Buying and Selling

In related news, insider Jonathan M. Grandon sold 1,391 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $98.00, for a total transaction of $136,318.00. Following the completion of the transaction, the insider now owns 18,103 shares in the company, valued at $1,774,094. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Delancey W. Davis sold 2,214 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $102.06, for a total value of $225,960.84. Following the transaction, the insider now directly owns 8,014 shares of the company’s stock, valued at $817,908.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jonathan M. Grandon sold 1,391 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $98.00, for a total transaction of $136,318.00. Following the completion of the transaction, the insider now directly owns 18,103 shares in the company, valued at $1,774,094. The disclosure for this sale can be found here. 2.72% of the stock is currently owned by corporate insiders.

Franklin Electric Company 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.