Contravisory Investment Management Inc. lowered its stake in Franklin Electric Co., Inc. (NASDAQ:FELE) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 128,825 shares of the industrial products company’s stock after selling 1,936 shares during the period. Franklin Electric Co. makes up approximately 1.9% of Contravisory Investment Management Inc.’s portfolio, making the stock its 29th largest position. Contravisory Investment Management Inc.’s holdings in Franklin Electric Co. were worth $5,333,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State of Alaska Department of Revenue boosted its stake in shares of Franklin Electric Co. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 4,250 shares of the industrial products company’s stock worth $182,000 after buying an additional 100 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Franklin Electric Co. by 8.0% in the first quarter. Fifth Third Bancorp now owns 2,638 shares of the industrial products company’s stock worth $114,000 after buying an additional 196 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Franklin Electric Co. by 1.0% in the first quarter. Arizona State Retirement System now owns 20,021 shares of the industrial products company’s stock worth $862,000 after buying an additional 200 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Franklin Electric Co. by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 15,700 shares of the industrial products company’s stock worth $676,000 after buying an additional 300 shares in the last quarter. Finally, Dubuque Bank & Trust Co. boosted its stake in shares of Franklin Electric Co. by 6.7% in the second quarter. Dubuque Bank & Trust Co. now owns 5,361 shares of the industrial products company’s stock worth $222,000 after buying an additional 338 shares in the last quarter. Institutional investors and hedge funds own 78.74% of the company’s stock.
Franklin Electric Co., Inc. (FELE) opened at 40.30 on Thursday. The company’s 50-day moving average is $41.16 and its 200-day moving average is $40.69. Franklin Electric Co., Inc. has a 52-week low of $34.75 and a 52-week high of $45.15. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 23.73 and a beta of 1.62.
Franklin Electric Co. (NASDAQ:FELE) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.04. The company had revenue of $305.35 million for the quarter, compared to analysts’ expectations of $310.13 million. Franklin Electric Co. had a net margin of 8.62% and a return on equity of 13.10%. Franklin Electric Co.’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.51 earnings per share. On average, analysts expect that Franklin Electric Co., Inc. will post $1.82 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Thursday, August 3rd will be given a $0.108 dividend. This represents a $0.43 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Tuesday, August 1st. Franklin Electric Co.’s dividend payout ratio (DPR) is 23.37%.
A number of research firms have recently issued reports on FELE. Zacks Investment Research upgraded shares of Franklin Electric Co. from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Tuesday, April 25th. BidaskClub upgraded shares of Franklin Electric Co. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Boenning Scattergood reaffirmed an “outperform” rating and set a $52.00 price target (up from $44.00) on shares of Franklin Electric Co. in a research report on Wednesday.
In other Franklin Electric Co. news, VP John J. Haines sold 4,000 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $41.00, for a total transaction of $164,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Delancey W. Davis sold 4,071 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $34.45, for a total transaction of $140,245.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,947 shares of company stock worth $495,678. 2.54% of the stock is owned by company insiders.
About Franklin Electric Co.
Franklin Electric Co, Inc designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices.
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