Franklin Electric (NASDAQ:FELE) Shares Gap Down After Earnings Miss

Shares of Franklin Electric Co., Inc. (NASDAQ:FELE) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $102.55, but opened at $93.81. Franklin Electric shares last traded at $95.08, with a volume of 22,559 shares changing hands.

The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.13). Franklin Electric had a return on equity of 15.57% and a net margin of 9.35%. The firm had revenue of $531.40 million for the quarter, compared to analysts’ expectations of $551.08 million. During the same period in the prior year, the firm earned $1.23 earnings per share. Franklin Electric’s revenue was down 1.4% compared to the same quarter last year.

Franklin Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Thursday, November 7th. Franklin Electric’s dividend payout ratio is currently 24.88%.

Analyst Ratings Changes

Separately, Robert W. Baird cut their target price on Franklin Electric from $107.00 to $105.00 and set a “neutral” rating for the company in a research note on Wednesday.

Institutional Trading of Franklin Electric

A number of large investors have recently modified their holdings of the business. CWM LLC boosted its position in shares of Franklin Electric by 16.7% during the 3rd quarter. CWM LLC now owns 684 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 98 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Franklin Electric by 55.7% during the 3rd quarter. Blue Trust Inc. now owns 299 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 107 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Franklin Electric by 1.0% during the 2nd quarter. Marshall Wace LLP now owns 11,009 shares of the industrial products company’s stock valued at $1,060,000 after acquiring an additional 109 shares during the last quarter. Duality Advisers LP boosted its position in shares of Franklin Electric by 1.6% during the 1st quarter. Duality Advisers LP now owns 8,857 shares of the industrial products company’s stock valued at $946,000 after acquiring an additional 137 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Franklin Electric by 29.9% during the 3rd quarter. Signaturefd LLC now owns 712 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 164 shares during the last quarter. Institutional investors own 79.98% of the company’s stock.

Franklin Electric Stock Up 0.4 %

The stock has a 50-day moving average of $101.83 and a two-hundred day moving average of $100.16. The company has a market cap of $4.45 billion, a P/E ratio of 24.00, a P/E/G ratio of 2.02 and a beta of 0.95. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.14 and a current ratio of 2.65.

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.