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.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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