PNC Financial Services Group Inc. Trims Stake in Franklin Electric Co., Inc. (NASDAQ:FELE)

PNC Financial Services Group Inc. lessened its holdings in shares of Franklin Electric Co., Inc. (NASDAQ:FELE) by 30.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,500 shares of the industrial products company’s stock after selling 9,910 shares during the period. PNC Financial Services Group Inc.’s holdings in Franklin Electric were worth $2,358,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FELE. CWM LLC increased its stake in Franklin Electric by 16.7% in the 3rd quarter. CWM LLC now owns 684 shares of the industrial products company’s stock worth $72,000 after buying an additional 98 shares during the period. Covestor Ltd increased its position in shares of Franklin Electric by 15.6% during the third quarter. Covestor Ltd now owns 765 shares of the industrial products company’s stock worth $80,000 after acquiring an additional 103 shares during the period. Blue Trust Inc. raised its stake in shares of Franklin Electric by 55.7% during the third quarter. Blue Trust Inc. now owns 299 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 107 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Franklin Electric by 1.0% in the second quarter. Marshall Wace LLP now owns 11,009 shares of the industrial products company’s stock valued at $1,060,000 after purchasing an additional 109 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Franklin Electric by 29.9% in the third quarter. Signaturefd LLC now owns 712 shares of the industrial products company’s stock valued at $75,000 after purchasing an additional 164 shares during the period. Institutional investors own 79.98% of the company’s stock.

Insiders Place Their Bets

In other Franklin Electric news, insider Gregg C. Sengstack sold 1,500 shares of Franklin Electric stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $100.22, for a total value of $150,330.00. Following the transaction, the insider now directly owns 9,032 shares of the company’s stock, valued at approximately $905,187.04. The trade was a 14.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.72% of the stock is currently owned by corporate insiders.

Franklin Electric Trading Up 1.2 %

NASDAQ:FELE opened at $110.40 on Tuesday. The firm has a 50-day simple moving average of $103.86 and a 200-day simple moving average of $100.71. Franklin Electric Co., Inc. has a one year low of $87.65 and a one year high of $111.94. The firm has a market cap of $5.04 billion, a P/E ratio of 27.95, a P/E/G ratio of 2.39 and a beta of 0.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.06 and a current ratio of 2.40.

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

Franklin Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid 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 0.91%. Franklin Electric’s dividend payout ratio (DPR) is presently 25.32%.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their target price on Franklin Electric from $107.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th.

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.