Pitcairn Co. Lowers Stock Position in Franklin Electric Co., Inc. (NASDAQ:FELE)

Pitcairn Co. trimmed its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 17.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,438 shares of the industrial products company’s stock after selling 1,117 shares during the period. Pitcairn Co.’s holdings in Franklin Electric were worth $570,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. CWM LLC raised its position in 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 acquiring an additional 98 shares in the last quarter. Covestor Ltd grew its stake in shares of Franklin Electric by 15.6% during the 3rd quarter. Covestor Ltd now owns 765 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 103 shares during the period. Blue Trust Inc. increased its holdings in shares of Franklin Electric by 55.7% in the 3rd quarter. Blue Trust Inc. now owns 299 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 107 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Franklin Electric by 1.0% in the second quarter. Marshall Wace LLP now owns 11,009 shares of the industrial products company’s stock valued at $1,060,000 after purchasing an additional 109 shares during the period. Finally, Signaturefd LLC boosted its holdings in Franklin Electric by 29.9% during the third quarter. Signaturefd LLC now owns 712 shares of the industrial products company’s stock worth $75,000 after buying an additional 164 shares in the last quarter. 79.98% of the stock is owned by institutional investors and hedge funds.

Franklin Electric Trading Up 1.2 %

Shares of FELE stock opened at $110.40 on Tuesday. The stock has a market cap of $5.04 billion, a P/E ratio of 27.95, a P/E/G ratio of 2.39 and a beta of 0.96. The company has a quick ratio of 1.06, a current ratio of 2.40 and a debt-to-equity ratio of 0.01. Franklin Electric Co., Inc. has a fifty-two week low of $87.65 and a fifty-two week high of $111.94. The business has a fifty day simple moving average of $104.10 and a 200-day simple moving average of $100.77.

Franklin Electric (NASDAQ:FELE) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.10). Franklin Electric had a net margin of 9.22% and a return on equity of 15.03%. The business had revenue of $531.40 million for the quarter, compared to analysts’ expectations of $551.08 million. During the same quarter last year, the business posted $1.23 earnings per share. The business’s revenue was down 1.4% compared to the same quarter last year. On average, analysts forecast that Franklin Electric Co., Inc. will post 3.81 earnings per share for the current fiscal year.

Franklin Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Thursday, November 7th. Franklin Electric’s dividend payout ratio (DPR) is presently 25.32%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Franklin Electric news, insider Gregg C. Sengstack sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $100.22, for a total transaction of $150,330.00. Following the sale, the insider now directly owns 9,032 shares of the company’s stock, valued at $905,187.04. This trade represents a 14.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.72% of the stock is currently owned by company insiders.

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.