Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of top-rated pump maker Franklin Electric (Nasdaq: FELE) rose as much as 16% on higher volume after reporting strong third-quarter results. The stock closed up roughly 14%.

So what: Revenue increased 19% to $224.4 million, while adjusted earnings rose 55% to $0.82 a share. Analysts had forecasted $220.6 million and $0.75 a share, respectively, according to data compiled by Yahoo! Finance.

Now what: The beat, while impressive, wasn't so large as to explain a 16% rally. So what does explain it? Valuation, I suspect. Franklin trades for a fraction of analysts' long-term profit estimates -- estimates that, today at least, appear conservative. Do you agree? Would you buy shares of Franklin Electric at current prices? Please weigh in using the comments box below.

Interested in more information about Franklin Electric? Add it to your watchlist.