Franklin Electric Co., Inc. (NASDAQ: FELE) has announced the successful completion of a stock purchase transaction involving shares held within the Patricia Schaefer Settlement Trust. The company acquired 1,200,000 shares of its common stock at a price of $86.78 per share, which was the volume-weighted average price of the stock on NASDAQ for the five trading days preceding the closing.
This repurchase transaction reflects the confidence of Franklin Electric in its strong balance sheet, cash flow generation, strategic plans, and future prospects. Additionally, the company's board of directors approved an increase in the share repurchase authorization of 1,200,000 shares of common stock.
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. The company serves customers worldwide in various applications, including residential, commercial, agricultural, industrial, municipal, and fueling.
The repurchase of shares not only demonstrates the company's belief in its enduring prospects but also provides liquidity for the Patricia Schaefer estate to satisfy its tax obligations. This action showcases Franklin Electric's commitment to supporting the needs of its stakeholders while reinforcing its confidence in the future.
The specific metrics of the company's financials and the impact of the share repurchase on its capital structure and earnings per share were not disclosed in the press release. However, the transaction indicates Franklin Electric's proactive approach to capital management and its commitment to enhancing shareholder value. Following these announcements, the company's shares moved -0.67%, and are now trading at a price of $86.32. If you want to know more, read the company's complete 8-K report here.
