Verition Fund Management LLC Purchases Shares of 2,233 Franklin Electric Co., Inc. (NASDAQ:FELE)

Verition Fund Management LLC purchased a new stake in Franklin Electric Co., Inc. (NASDAQ:FELE) during the third quarter, according to its most recent filing with the SEC. The fund purchased 2,233 shares of the industrial products company’s stock, valued at approximately $234,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Van ECK Associates Corp increased its holdings in shares of Franklin Electric by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 24,818 shares of the industrial products company’s stock worth $2,532,000 after buying an additional 7,092 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of 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 worth $889,000 after buying an additional 7,213 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Franklin Electric by 420.9% in the 3rd quarter. Intech Investment Management LLC now owns 11,001 shares of the industrial products company’s stock worth $1,153,000 after buying an additional 8,889 shares during the last quarter. 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 worth $29,000 after buying an additional 107 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Franklin Electric by 73.1% in the 3rd quarter. Citigroup Inc. now owns 58,923 shares of the industrial products company’s stock worth $6,176,000 after buying an additional 24,889 shares during the last quarter. 79.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Franklin Electric Stock Performance

Shares of NASDAQ:FELE opened at $105.11 on Monday. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 26.61, a PEG ratio of 2.35 and a beta of 0.98. Franklin Electric Co., Inc. has a 12 month low of $91.45 and a 12 month high of $111.94. The firm’s 50-day moving average is $105.22 and its 200 day moving average is $101.50. The company has a current ratio of 2.40, a quick ratio of 1.06 and a debt-to-equity ratio of 0.01.

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

Franklin Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $1.00 annualized dividend and a yield of 0.95%. Franklin Electric’s dividend payout ratio (DPR) is 25.32%.

Insider Buying and Selling at Franklin Electric

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

Franklin Electric Profile

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.