Franklin Electric Co. (FELE) is Downgraded by Seaport Global Securities to Neutral, Price Target at $36

Franklin Electric Co. (FELE) was Downgraded by Seaport Global Securities to ” Neutral” and the brokerage firm has set the Price Target at $36. Earlier the firm had a rating of “Accumulate ” on the company shares. Seaport Global Securities advised their investors in a research report released on Jun 10, 2016.

On the company’s financial health, Franklin Electric Co. reported $0.29 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on May 2, 2016. Analyst had a consensus of $0.31. The company had revenue of $218.40 million for the quarter, compared to analysts expectations of $217.21 million. The company’s revenue was down -3.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.32 EPS.

Franklin Electric Co. closed down -0.52 points or -1.51% at $33.99 with 1,83,777 shares getting traded on Thursday. Post opening the session at $34.33, the shares hit an intraday low of $33.99 and an intraday high of $34.33 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

In a different news, on Jun 8, 2016, Donald P Kenney (VP & President Energy Systems) sold 1,100 shares at $34.24 per share price. According to the SEC, on Jun 6, 2016, John J Haines (Vice President and CFO) sold 4,546 shares at $34.00 per share price. On May 10, 2016, Delancey W Davis (Vice President) sold 2,971 shares at $32.40 per share price, according to the Form-4 filing with the securities and exchange commission.

Franklin Electric Co Inc. together with its subsidiaries is engaged in designing manufacturing and distributing water and fuel pumping systems composed of submersible motors pumps electronic controls and related parts and equipment. The Company’s business consists of two segments: the Water Systems segment and the Fueling Systems segment. The Company’s Water Systems produces and markets water pumping systems and is also engaged in submersible motors pumps drives electronic controls and monitoring devices. The Company’s Fueling Systems is engaged in the production and marketing of fuel pumping systems fuel containment systems and monitoring and control systems. The Company’s Water Systems and Fueling Systems products and related equipment are sold to specialty distributors and some original equipment manufacturers as well as industrial and petroleum equipment distributors and oil and utility companies.

Franklin Electric Co.

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