Franklin Electric (NASDAQ:FELE) Posts Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Franklin Electric (NASDAQ:FELE) issued its earnings results on Tuesday. The industrial products company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.06), Briefing.com reports. The firm had revenue of $543.30 million during the quarter, compared to analyst estimates of $570.80 million. Franklin Electric had a net margin of 9.35% and a return on equity of 15.64%. The business’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.27 earnings per share. Franklin Electric updated its FY24 guidance to $4.16-4.34 EPS and its FY 2024 guidance to 4.160-4.340 EPS.

Franklin Electric Stock Up 2.6 %

FELE stock traded up $2.67 during mid-day trading on Thursday, reaching $103.75. 316,001 shares of the company traded hands, compared to its average volume of 179,435. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 1.95 and a beta of 0.96. The company has a quick ratio of 1.17, a current ratio of 2.85 and a debt-to-equity ratio of 0.07. Franklin Electric has a fifty-two week low of $82.61 and a fifty-two week high of $107.89. The firm’s 50 day moving average price is $97.98 and its 200 day moving average price is $99.28.

Franklin Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, August 1st. This represents a $1.00 dividend on an annualized basis and a yield of 0.96%. Franklin Electric’s dividend payout ratio (DPR) is currently 24.88%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. DA Davidson raised their target price on Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. StockNews.com downgraded Franklin Electric from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 9th.

Insider Buying and Selling at Franklin Electric

In other Franklin Electric news, insider Jonathan M. Grandon sold 1,391 shares of Franklin Electric stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $98.00, for a total transaction of $136,318.00. Following the completion of the transaction, the insider now owns 18,103 shares in the company, valued at approximately $1,774,094. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Delancey W. Davis sold 2,214 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $102.06, for a total value of $225,960.84. Following the transaction, the insider now owns 8,014 shares in the company, valued at approximately $817,908.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jonathan M. Grandon sold 1,391 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $98.00, for a total value of $136,318.00. Following the completion of the transaction, the insider now owns 18,103 shares in the company, valued at approximately $1,774,094. The disclosure for this sale can be found here. Company insiders own 2.72% of the company’s stock.

Franklin Electric Company 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.