Franklin Electric (NASDAQ:FELE) Trading 7.4% Higher Following Strong Earnings

Franklin Electric Co., Inc. (NASDAQ:FELE)’s share price was up 7.4% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $108.08 and last traded at $107.35. Approximately 47,798 shares traded hands during trading, a decline of 73% from the average daily volume of 176,373 shares. The stock had previously closed at $99.98.

The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.03. Franklin Electric had a return on equity of 15.03% and a net margin of 9.22%.

Franklin Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Thursday, February 6th will be paid a dividend of $0.265 per share. This is a boost from Franklin Electric’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 0.99%. Franklin Electric’s payout ratio is 26.84%.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their price target on Franklin Electric from $107.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th.

Institutional Investors Weigh In On Franklin Electric

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. grew its stake in Franklin Electric by 55.7% during the third 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 in the last quarter. Spire Wealth Management bought a new position in shares of Franklin Electric during the 4th quarter valued at about $29,000. Trust Co. of Vermont bought a new position in shares of Franklin Electric during the 4th quarter valued at about $40,000. Smartleaf Asset Management LLC grew its position in shares of Franklin Electric by 189.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 642 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 420 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Franklin Electric by 16.7% in the third quarter. CWM LLC now owns 684 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 98 shares during the last quarter. Institutional investors own 79.98% of the company’s stock.

Franklin Electric Stock Up 6.7 %

The company has a market capitalization of $4.87 billion, a PE ratio of 27.01, a P/E/G ratio of 1.97 and a beta of 1.00. The business has a 50-day moving average of $99.39 and a 200 day moving average of $101.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.40 and a quick ratio of 1.06.

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.