Franklin Electric raises dividend for 25th consecutive year

Franklin Electric Co. (FELE) will increase its dividend by 7.5 percent.

Franklin Electric, a global leader in the production and marketing of systems and components for the movement of water and fuel, will increase its quarterly dividend to $0.1075 per share, marking the 25th consecutive year of dividend increases.

The new dividend is payable May 18, 2017, to shareowners of record on May 4, 2017. Franklin Electric currently has an estimated dividend yield of 1%. The stock has gained 11.6% year-to-date, resulting in a $2 billion market cap at the current stock price of $43.40.

Franklin Electric is a provider of systems and components for moving water and fuel

Analysts rate Franklin Electric with 2 buy recommendations and 5 hold recommendations as of April 24, 2017. The average target price is $43.80, just 40 cents above Today's closing price.

Franklin Electric Co., Inc. designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Franklin Electric has grown from a small motor manufacturing company into a leading global provider of systems and components for moving water and fuel. The copany is named after America’s pioneer electrical engineer, Benjamin Franklin.