Engineers Gate Manager LP Takes Position in Forgent Power Solutions, Inc. $FPS

Key Points

• Engineers Gate Manager LP acquired 160,961 shares of Forgent Power Solutions worth approximately $8.99 million, representing about 0.05% of the company. Several other institutional investors also initiated or increased positions during the second quarter.
• FPS shares opened at $29.14, with a market capitalization of $8.87 billion and a 52-week range of $25.95 to $66.00. The stock trades well below its 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $56.75, despite one sell rating and a recent downgrade from Weiss Ratings.

Engineers Gate Manager LP acquired a new stake in Forgent Power Solutions, Inc. (NYSE:FPS - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 160,961 shares of the company's stock, valued at approximately $8,991,000. Engineers Gate Manager LP owned approximately 0.05% of Forgent Power Solutions at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its holdings in shares of Forgent Power Solutions by 813.0% in 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 purchasing an additional 290,577 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Forgent Power Solutions during the second quarter worth $2,034,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Forgent Power Solutions during the second quarter worth $23,123,000. Hollencrest Capital Management bought a new stake in Forgent Power Solutions during the 2nd quarter valued at $56,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Forgent Power Solutions in the 2nd quarter valued at $30,000.

Forgent Power Solutions Price Performance

NYSE FPS opened at $29.14 on Friday. The company has a market cap of $8.87 billion and a price-to-earnings ratio of 194.30. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.64 and a quick ratio of 1.16. The stock's fifty day moving average price is $36.58 and its 200 day moving average price is $40.27. Forgent Power Solutions, Inc. has a 1 year low of $25.95 and a 1 year high of $66.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FPS shares. TD Cowen upped their price objective on Forgent Power Solutions from $63.00 to $73.00 and gave the stock a "buy" rating in a research note on Monday, June 22nd. Weiss Ratings lowered Forgent Power Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. KeyCorp boosted their target price on shares of Forgent Power Solutions from $41.00 to $60.00 and gave the stock an "overweight" rating in a report on Friday, May 15th. TD Securities reissued a "buy" rating and set a $63.00 price target on shares of Forgent Power Solutions in a research report on Friday, May 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Forgent Power Solutions from $49.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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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