Forgent Power Solutions (NYSE:FPS) Stock Price Up 6.7% – What’s Next?

Forgent Power Solutions, Inc. (NYSE:FPS)’s stock price was up 6.7% during trading on Friday . The stock traded as high as $31.13 and last traded at $31.17. Approximately 2,147,512 shares changed hands during trading, a decline of 64% from the average daily volume of 6,009,712 shares. The stock had previously closed at $29.20.

Wall Street Analyst Weigh In

FPS has been the topic of several recent research reports. Zacks Research downgraded Forgent Power Solutions from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 8th. Wolfe Research restated an “outperform” rating and set a $60.00 price objective on shares of Forgent Power Solutions in a research note on Thursday, July 9th. Jefferies Financial Group raised their target price on Forgent Power Solutions from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Friday, May 29th. TD Cowen boosted their price target on shares of Forgent Power Solutions from $63.00 to $73.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Morgan Stanley upped their price target on shares of Forgent Power Solutions from $38.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.75.

Forgent Power Solutions Stock Performance

The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average price of $36.27 and a 200-day moving average price of $40.21. The firm has a market capitalization of $9.69 billion and a price-to-earnings ratio of 212.10.

Institutional Inflows and Outflows

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

About Forgent Power Solutions

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.