Franklin Electric Adopts 1M Share Increase To Its Stock Buyback Program

Franklin Electric co Inc FELE said its Board of Directors approved a 1 million share increase to its stock repurchase program.
This is in addition to the approximately 216,000 shares that remain authorized for repurchase under the existing stock repurchase program.
"We are pleased to increase our share repurchase authorization, which is enabled by our consistent operational performance and our healthy financial position," said Chairperson and CEO Gregg Sengstack.
The company held $45.8 million in cash and equivalents as of Dec. 31, 2022.
Franklin Electric specializes in producing and marketing systems and components for the movement of water and fuel.
Price Action: FELE shares are trading lower by 0.43% at $95.99 on the last check Tuesday.