OLD National Bancorp IN Sells 1,350 Shares of Franklin Electric Co., Inc. (NASDAQ:FELE)

OLD National Bancorp IN reduced its position in Franklin Electric Co., Inc. (NASDAQ:FELE) by 24.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,248 shares of the industrial products company’s stock after selling 1,350 shares during the quarter. OLD National Bancorp IN’s holdings in Franklin Electric were worth $411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new position in Franklin Electric during the fourth quarter worth $26,000. VisionPoint Advisory Group LLC acquired a new position in Franklin Electric during the third quarter worth $37,000. Signaturefd LLC raised its stake in Franklin Electric by 35.3% during the fourth quarter. Signaturefd LLC now owns 541 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 141 shares in the last quarter. Global Retirement Partners LLC raised its stake in Franklin Electric by 51.9% during the fourth quarter. Global Retirement Partners LLC now owns 1,094 shares of the industrial products company’s stock worth $103,000 after acquiring an additional 374 shares in the last quarter. Finally, abrdn plc acquired a new position in Franklin Electric during the fourth quarter worth $200,000. 79.98% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Gregg C. Sengstack sold 10,366 shares of Franklin Electric stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $99.96, for a total transaction of $1,036,185.36. Following the transaction, the chief executive officer now owns 154,993 shares in the company, valued at approximately $15,493,100.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.72% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FELE has been the subject of a number of research reports. Robert W. Baird raised their target price on Franklin Electric from $91.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. StockNews.com cut Franklin Electric from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 14th. Finally, Northcoast Research upgraded Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Friday, February 23rd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Franklin Electric presently has an average rating of “Moderate Buy” and an average target price of $100.00.

Franklin Electric Price Performance

Shares of FELE opened at $102.85 on Thursday. The company has a current ratio of 2.97, a quick ratio of 1.20 and a debt-to-equity ratio of 0.07. Franklin Electric Co., Inc. has a 1 year low of $82.61 and a 1 year high of $107.89. The stock has a market cap of $4.73 billion, a P/E ratio of 25.02, a price-to-earnings-growth ratio of 2.00 and a beta of 0.96. The stock’s 50-day moving average price is $102.26 and its two-hundred day moving average price is $95.48.

Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, February 13th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The company had revenue of $472.97 million for the quarter, compared to the consensus estimate of $490.47 million. During the same quarter last year, the business posted $0.84 EPS. Franklin Electric’s quarterly revenue was down 3.4% on a year-over-year basis. On average, equities analysts predict that Franklin Electric Co., Inc. will post 4.32 earnings per share for the current year.

Franklin Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Wednesday, May 1st. Franklin Electric’s dividend payout ratio (DPR) is presently 24.33%.

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.