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

Franklin Electric Co., Inc. (NASDAQ:FELE)’s stock price 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 traded.

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

Franklin Electric Dividend Announcement

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Franklin Electric

A number of large investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in Franklin Electric in the first quarter worth about $968,000. Vanguard Group Inc. lifted its stake in shares of Franklin Electric by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 4,751,322 shares of the industrial products company’s stock worth $507,489,000 after acquiring an additional 30,408 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Franklin Electric by 12.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 48,629 shares of the industrial products company’s stock valued at $5,197,000 after acquiring an additional 5,311 shares during the period. SG Americas Securities LLC grew its position in Franklin Electric by 357.6% in the 2nd quarter. SG Americas Securities LLC now owns 9,230 shares of the industrial products company’s stock valued at $889,000 after acquiring an additional 7,213 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its position in shares of Franklin Electric by 328.4% during the second quarter. Edgestream Partners L.P. now owns 64,431 shares of the industrial products company’s stock worth $6,206,000 after purchasing an additional 49,391 shares during the last quarter. 79.98% of the stock is owned by hedge funds and other institutional investors.

Franklin Electric Stock Performance

The firm has a 50-day moving average price of $101.83 and a two-hundred day moving average price of $100.16. The firm has a market capitalization 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 current ratio of 2.65 and a quick ratio of 1.14.

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.