Engineers Gate Manager LP Invests $8.99 Million in Forgent Power Solutions, Inc. $FPS

Engineers Gate Manager LP purchased a new stake in shares of Forgent Power Solutions, Inc. (NYSE:FPS) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 160,961 shares of the company’s stock, valued at approximately $8,991,000.

A number of other large investors also recently bought and sold shares of FPS. California State Teachers Retirement System purchased a new position in shares of Forgent Power Solutions during the 2nd quarter valued at approximately $510,943,000. Value Aligned Research Advisors LLC acquired a new stake in Forgent Power Solutions during the second quarter valued at $176,441,000. Spyglass Capital Management LLC acquired a new stake in Forgent Power Solutions during the second quarter valued at $39,401,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Forgent Power Solutions in the second quarter worth about $23,123,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Forgent Power Solutions by 813.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 326,317 shares of the company’s stock worth $18,228,000 after acquiring an additional 290,577 shares in the last quarter.

Forgent Power Solutions Trading Down 6.0%

FPS stock opened at $29.14 on Friday. Forgent Power Solutions, Inc. has a 12-month low of $25.95 and a 12-month high of $66.00. The business’s 50-day moving average is $36.58 and its 200 day moving average is $40.27. The company has a current ratio of 1.64, a quick ratio of 1.16 and a debt-to-equity ratio of 0.99. The stock has a market cap of $8.87 billion and a price-to-earnings ratio of 194.30.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FPS. TD Cowen lifted their price target on Forgent Power Solutions from $63.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. TD Securities reissued a “buy” rating and issued a $63.00 price objective on shares of Forgent Power Solutions in a report on Friday, May 15th. KeyCorp boosted their price objective on Forgent Power Solutions from $41.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, May 15th. Oppenheimer increased their target price on Forgent Power Solutions from $43.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Finally, Zacks Research cut shares of Forgent Power Solutions from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.75.

Forgent Power Solutions Company Profile

Forgent Power Solutions, Inc develops and manufactures products used in electric power transmission and distribution infrastructure. Its offerings support the generation, transmission, distribution and management of electrical power for utility and industrial applications.

The company’s product portfolio includes equipment and components used in overhead and underground power networks, including electrical connectors, fittings, line hardware and other engineered solutions designed to support the reliability and efficiency of power-delivery systems.

Forgent Power Solutions serves electric utilities, distributors and industrial customers, primarily through markets connected to North American power infrastructure.