Franklin Electric (NASDAQ:FELE) Updates FY 2024 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.160-4.340 for the period, compared to the consensus earnings per share estimate of 4.280. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion. Franklin Electric also updated its FY24 guidance to $4.16-4.34 EPS.

Analysts Set New Price Targets

Several brokerages have recently commented on FELE. StockNews.com downgraded Franklin Electric from a strong-buy rating to a buy rating in a report on Thursday, May 9th. DA Davidson boosted their target price on Franklin Electric from $87.00 to $90.00 and gave the stock a neutral rating in a report on Wednesday, May 1st.

Franklin Electric Trading Up 3.2 %

NASDAQ:FELE traded up $3.26 during trading hours on Thursday, hitting $104.34. 34,531 shares of the stock were exchanged, compared to its average volume of 177,452. The company’s 50 day moving average is $97.98 and its two-hundred day moving average is $99.28. Franklin Electric has a twelve month low of $82.61 and a twelve month high of $107.89. The company has a quick ratio of 1.17, a current ratio of 2.85 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $4.81 billion, a P/E ratio of 25.14, a price-to-earnings-growth ratio of 1.95 and a beta of 0.96.

Franklin Electric (NASDAQ:FELE) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.06). The business had revenue of $543.30 million for the quarter, compared to the consensus estimate of $570.80 million. Franklin Electric had a net margin of 9.35% and a return on equity of 15.64%. The business’s revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.27 EPS. On average, sell-side analysts anticipate that Franklin Electric will post 4.27 earnings per share for the current fiscal year.

Franklin Electric Dividend Announcement

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

Insider Buying and Selling at Franklin Electric

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

About Franklin Electric

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.