Franklin Electric (NASDAQ:FELE) Price Target Cut to $105.00 by Analysts at Robert W. Baird

Franklin Electric (NASDAQ:FELE) had its target price lowered by investment analysts at Robert W. Baird from $107.00 to $105.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Robert W. Baird’s price objective would indicate a potential upside of 9.27% from the company’s previous close.

Franklin Electric Stock Performance

Shares of FELE stock opened at $96.09 on Wednesday. The business’s fifty day simple moving average is $101.92 and its 200-day simple moving average is $100.19. The company has a market cap of $4.43 billion, a PE ratio of 23.90, a PEG ratio of 2.02 and a beta of 0.95. The company has a current ratio of 2.65, a quick ratio of 1.14 and a debt-to-equity ratio of 0.07. Franklin Electric has a 12-month low of $84.20 and a 12-month high of $108.39.

Institutional Investors Weigh In On Franklin Electric

Several hedge funds have recently added to or reduced their stakes in FELE. First Merchants Corp purchased a new stake in Franklin Electric in the second quarter valued at $19,054,000. F M Investments LLC purchased a new stake in shares of Franklin Electric during the 2nd quarter worth about $9,158,000. Assenagon Asset Management S.A. boosted its stake in shares of Franklin Electric by 116.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 165,601 shares of the industrial products company’s stock worth $15,951,000 after acquiring an additional 89,128 shares in the last quarter. Edgestream Partners L.P. boosted its stake in shares of Franklin Electric by 328.4% during the 2nd quarter. Edgestream Partners L.P. now owns 64,431 shares of the industrial products company’s stock worth $6,206,000 after acquiring an additional 49,391 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Franklin Electric by 2.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,030,238 shares of the industrial products company’s stock worth $212,810,000 after acquiring an additional 40,248 shares in the last quarter. 79.98% of the stock is owned by hedge funds and other institutional investors.

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.