PNC Financial Services Group Inc. Has $3.48 Million Holdings in Franklin Electric Co., Inc. (NASDAQ:FELE)

PNC Financial Services Group Inc. decreased its stake in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 6.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 36,033 shares of the industrial products company’s stock after selling 2,500 shares during the period. PNC Financial Services Group Inc. owned 0.08% of Franklin Electric worth $3,483,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in Franklin Electric by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 4,720,914 shares of the industrial products company’s stock worth $456,276,000 after purchasing an additional 64,487 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Franklin Electric by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,961,273 shares of the industrial products company’s stock valued at $189,557,000 after acquiring an additional 5,915 shares in the last quarter. King Luther Capital Management Corp lifted its position in shares of Franklin Electric by 1.3% in the 4th quarter. King Luther Capital Management Corp now owns 1,167,116 shares of the industrial products company’s stock worth $112,802,000 after acquiring an additional 14,944 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Franklin Electric by 3.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,072,466 shares of the industrial products company’s stock worth $103,656,000 after purchasing an additional 30,966 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Franklin Electric by 6.2% during the third quarter. Invesco Ltd. now owns 615,008 shares of the industrial products company’s stock valued at $54,877,000 after purchasing an additional 36,114 shares during the period. Institutional investors and hedge funds own 79.98% of the company’s stock.

Franklin Electric Stock Up 0.3 %

NASDAQ:FELE opened at $97.02 on Thursday. 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 Co., Inc. has a 12-month low of $82.61 and a 12-month high of $107.89. The stock’s fifty day simple moving average is $99.41 and its 200-day simple moving average is $98.65. The firm has a market capitalization of $4.47 billion, a P/E ratio of 24.13, a P/E/G ratio of 1.89 and a beta of 0.97.

Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). Franklin Electric had a net margin of 9.25% and a return on equity of 15.86%. The company had revenue of $460.90 million during the quarter, compared to the consensus estimate of $477.64 million. During the same period last year, the company earned $0.79 earnings per share. The business’s revenue was down 4.9% compared to the same quarter last year. Equities research analysts expect that Franklin Electric Co., Inc. will post 4.27 earnings per share for the current year.

Franklin Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a yield of 1.03%. Franklin Electric’s payout ratio is 24.88%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FELE shares. DA Davidson upped their price objective 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 cut Franklin Electric from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 9th. Finally, Northcoast Research raised shares of Franklin Electric from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Friday, February 23rd.

Insiders Place Their Bets

In other Franklin Electric news, insider Delancey W. Davis sold 2,214 shares of the company’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 transaction of $225,960.84. Following the completion of the transaction, the insider now owns 8,014 shares of the company’s stock, valued at approximately $817,908.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Delancey W. Davis sold 2,214 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $102.06, for a total transaction of $225,960.84. Following the completion of the transaction, the insider now directly owns 8,014 shares of the company’s stock, valued at $817,908.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan M. Grandon sold 1,391 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were 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 directly owns 18,103 shares of the company’s stock, valued at $1,774,094. The disclosure for this sale can be found here. Corporate 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.