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

PNC Financial Services Group Inc. decreased its position in shares of Franklin Electric Co., Inc. (NASDAQ:FELE - Free Report) by 30.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 quarter.

Several other large investors have also added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in shares of Franklin Electric by 40.0% during the third quarter. Van ECK Associates Corp now owns 24,818 shares of the industrial products company's stock worth $2,532,000 after purchasing an additional 7,092 shares in the last quarter. SG Americas Securities LLC grew its holdings in Franklin Electric by 357.6% during the 2nd quarter. SG Americas Securities LLC now owns 9,230 shares of the industrial products company's stock valued at $889,000 after buying an additional 7,213 shares in the last quarter. Blue Trust Inc. raised its position 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 buying an additional 107 shares during the last quarter. MQS Management LLC purchased a new position in shares of Franklin Electric in the third quarter worth $646,000. Finally, Edgestream Partners L.P. lifted its holdings in shares of Franklin Electric by 328.4% in the second quarter. Edgestream Partners L.P. now owns 64,431 shares of the industrial products company's stock worth $6,206,000 after buying an additional 49,391 shares in the last quarter. Hedge funds and other institutional investors own 79.98% of the company's stock.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their price objective 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.

Insider Buying and Selling at Franklin Electric

In other news, insider Gregg C. Sengstack sold 1,500 shares of Franklin Electric stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $100.22, for a total transaction of $150,330.00. Following the completion of the sale, the insider now directly owns 9,032 shares in the company, valued at approximately $905,187.04. This trade represents 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 this link. Company insiders own 2.72% of the company's stock.

Franklin Electric Trading Down 2.1 %

Shares of NASDAQ:FELE traded down $2.36 during trading on Tuesday, hitting $108.04. The company had a trading volume of 154,384 shares, compared to its average volume of 176,813. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 2.39 and a beta of 0.96. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.40 and a quick ratio of 1.06. The company has a fifty day simple moving average of $104.10 and a two-hundred day simple moving average of $100.77. Franklin Electric Co., Inc. has a one year low of $87.65 and a one year high of $111.94.

Franklin Electric (NASDAQ:FELE - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.10). Franklin Electric had a return on equity of 15.03% and a net margin of 9.22%. The company had revenue of $531.40 million during the quarter, compared to the consensus estimate of $551.08 million. During the same quarter in the prior year, the business earned $1.23 earnings per share. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. As a group, equities analysts forecast that Franklin Electric Co., Inc. will post 3.81 earnings per share for the current year.

Franklin Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend was Thursday, November 7th. Franklin Electric's payout ratio is currently 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.