Seaport Global Downgrades Franklin Electric Co. to Neutral

Brokerage firm Seaport Global Downgrades its rating on Franklin Electric Co.(NASDAQ:FELE). The shares have been rated Neutral. Previously, the analysts had a Accumulate rating on the shares. The rating by Seaport Global was issued on Jun 10, 2016.

Franklin Electric Co. (FELE) made into the market gainers list on Wednesdays trading session with the shares advancing 0.87% or 0.29 points. Due to strong positive momentum, the stock ended at $33.47, which is also near the day’s high of $33.81. The stock began the session at $33.26 and the volume stood at 2,41,769 shares. The 52-week high of the shares is $35.57 and the 52 week low is $22.71. The company has a current market capitalization of $1,545 M and it has 4,61,65,309 shares in outstanding.

Franklin Electric Co.(FELE) last announced its earnings results on May 2, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $218.43M. Analysts had an estimated revenue of $217.21M. Earnings per share were $0.29. Analysts had estimated an EPS of $0.31.

Several Insider Transactions has been reported to the SEC. On Jun 8, 2016, Donald P Kenney (VP & President Energy Systems) sold 1,100 shares at $34.24 per share price.Also, 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.

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