Amalgamated Bank Sells 601 Shares of Franklin Electric Co., Inc. (NASDAQ:FELE)

Amalgamated Bank trimmed its holdings in Franklin Electric Co., Inc. (NASDAQ:FELE) by 4.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 11,739 shares of the industrial products company’s stock after selling 601 shares during the quarter. Amalgamated Bank’s holdings in Franklin Electric were worth $1,230,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in FELE. First Merchants Corp bought a new position in shares of Franklin Electric during the second quarter worth $19,054,000. F M Investments LLC purchased a new stake in Franklin Electric in the 2nd quarter worth $9,158,000. Assenagon Asset Management S.A. boosted its holdings in shares of Franklin Electric by 116.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 165,601 shares of the industrial products company’s stock valued at $15,951,000 after purchasing an additional 89,128 shares during the last quarter. Edgestream Partners L.P. boosted its holdings in shares of Franklin Electric by 328.4% during the 2nd quarter. Edgestream Partners L.P. now owns 64,431 shares of the industrial products company’s stock valued at $6,206,000 after purchasing an additional 49,391 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Franklin Electric by 2.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,030,238 shares of the industrial products company’s stock valued at $212,810,000 after purchasing an additional 40,248 shares in the last quarter. 79.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

In other Franklin Electric news, insider Gregg C. Sengstack sold 1,500 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $100.22, for a total transaction of $150,330.00. Following the transaction, the insider now owns 9,032 shares in the company, valued at $905,187.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.72% of the company’s stock.

Franklin Electric Price Performance

Franklin Electric stock opened at $109.16 on Thursday. Franklin Electric Co., Inc. has a 52-week low of $87.65 and a 52-week high of $110.97. The company has a market cap of $4.99 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 2.38 and a beta of 0.96. The firm’s fifty day moving average is $102.19 and its 200 day moving average is $100.31. The company has a quick ratio of 1.06, a current ratio of 2.40 and a debt-to-equity ratio of 0.01.

Franklin Electric (NASDAQ:FELE) last announced its earnings results on Tuesday, October 29th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.10). The business had revenue of $531.40 million for the quarter, compared to analysts’ expectations of $551.08 million. Franklin Electric had a net margin of 9.22% and a return on equity of 15.03%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.23 earnings per share. Sell-side analysts forecast 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 will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Thursday, November 7th. Franklin Electric’s dividend payout ratio (DPR) is 25.32%.

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.