California State Teachers Retirement System Purchases Shares of 9,146,852 Forgent Power Solutions, Inc. $FPS

Key Points

• California State Teachers Retirement System acquired 9.15 million Forgent Power Solutions shares worth approximately $510.9 million, representing a 3.0% stake. Several other institutional investors also initiated or increased positions during the second quarter.
• Forgent shares fell 10.7% to $28.43, near the lower end of their 52-week range, while the company carried an $8.65 billion market capitalization and a high price-to-earnings ratio of 189.5.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $56.75, despite one downgrade to “Hold” and one “Sell” rating.

California State Teachers Retirement System acquired a new stake in shares of Forgent Power Solutions, Inc. (NYSE:FPS - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 9,146,852 shares of the company's stock, valued at approximately $510,943,000. California State Teachers Retirement System owned 3.00% of Forgent Power Solutions at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Value Aligned Research Advisors LLC purchased a new position in Forgent Power Solutions in the second quarter valued at $176,441,000. Spyglass Capital Management LLC purchased 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 acquired a new stake in shares of Forgent Power Solutions during the 2nd quarter valued at about $23,123,000. Bank of New York Mellon Corp grew its position 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 valued at $18,228,000 after acquiring an additional 290,577 shares during the period. Finally, Moore Capital Management LP purchased a new position in shares of Forgent Power Solutions in the 2nd quarter valued at about $10,401,000.

Forgent Power Solutions Trading Down 10.7%

NYSE FPS opened at $28.43 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.16 and a current ratio of 1.64. The firm has a market cap of $8.65 billion and a price-to-earnings ratio of 189.50. The firm has a 50 day simple moving average of $35.89 and a 200-day simple moving average of $40.21. Forgent Power Solutions, Inc. has a one year low of $25.95 and a one year high of $66.00.

Wall Street Analyst Weigh In

FPS has been the topic of a number of research analyst reports. Robert W. Baird initiated coverage on shares of Forgent Power Solutions in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $55.00 price target on the stock. Wolfe Research reaffirmed an "outperform" rating and set a $60.00 price objective on shares of Forgent Power Solutions in a report on Thursday, July 9th. Zacks Research cut shares of Forgent Power Solutions from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 8th. TD Cowen upped their price target on shares of Forgent Power Solutions from $63.00 to $73.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Finally, Jefferies Financial Group raised their price target on shares of Forgent Power Solutions from $44.00 to $56.00 and gave the company a "buy" rating in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Forgent Power Solutions presently has a consensus rating of "Moderate Buy" and an average price target of $56.75.

Forgent Power Solutions 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.

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