Pictet Asset Management Holding SA Purchases 214,954 Shares of Federal Signal Corporation $FSS

Key Points

• Pictet Asset Management increased its Federal Signal stake by 24.3% in the third quarter, adding 214,954 shares to hold about 1.10 million shares, worth roughly $121.8 million.
• Federal Signal’s latest quarterly earnings beat estimates at $1.34 per share, though revenue fell short of consensus; revenue rose 18.1% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with a $135.25 average price target. The company also announced a $0.15 quarterly dividend per share.

Pictet Asset Management Holding SA grew its position in shares of Federal Signal Corporation (NYSE:FSS - Free Report) by 24.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,099,592 shares of the conglomerate's stock after purchasing an additional 214,954 shares during the period. Pictet Asset Management Holding SA owned approximately 1.80% of Federal Signal worth $121,838,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Root Financial Partners LLC purchased a new position in Federal Signal in the 3rd quarter worth approximately $25,000. Allworth Financial LP bought a new position in Federal Signal during the 2nd quarter worth approximately $33,000. Ancora Advisors LLC bought a new position in Federal Signal during the 2nd quarter worth approximately $34,000. Richardson Financial Services Inc. increased its stake in Federal Signal by 67.7% in the 3rd quarter. Richardson Financial Services Inc. now owns 265 shares of the conglomerate's stock worth $29,000 after purchasing an additional 107 shares during the period. Finally, Compass Financial Management LLC purchased a new position in Federal Signal in the 2nd quarter worth approximately $51,000. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

FSS has been the subject of several recent research reports. Citigroup lowered their price objective on Federal Signal from $150.00 to $135.00 and set a "buy" rating for the company in a research report on Monday, November 2nd. Wall Street Zen cut shares of Federal Signal from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Federal Signal from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Zacks Research downgraded shares of Federal Signal from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 12th. Finally, DA Davidson decreased their target price on shares of Federal Signal from $132.00 to $126.00 and set a "neutral" rating on the stock in a research note on Monday, November 2nd. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Federal Signal currently has an average rating of "Moderate Buy" and a consensus target price of $135.25.

Federal Signal Stock Down 0.3%

NYSE FSS opened at $113.15 on Monday. The stock has a market capitalization of $6.90 billion, a PE ratio of 23.48, a PEG ratio of 1.35 and a beta of 1.22. Federal Signal Corporation has a 1 year low of $101.18 and a 1 year high of $134.51. The business's 50-day moving average is $114.79 and its 200 day moving average is $115.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.96 and a quick ratio of 1.35.

Federal Signal (NYSE:FSS - Get Free Report) last announced its earnings results on Thursday, October 29th. The conglomerate reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.32 by $0.02. The company had revenue of $655.50 million during the quarter, compared to the consensus estimate of $661.61 million. Federal Signal had a return on equity of 21.31% and a net margin of 11.65%. The firm's revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. Sell-side analysts forecast that Federal Signal Corporation will post 5.24 earnings per share for the current year.

Federal Signal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, November 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.5%. Federal Signal's dividend payout ratio is 12.45%.

Federal Signal Profile

Federal Signal Corporation designs and manufactures products and equipment for environmental services, public safety and security. Its customers include municipalities, contractors, industrial businesses and public safety organizations.

Through its Environmental Solutions Group, the company makes street sweepers, sewer cleaners, industrial vacuum loaders, waterblasting equipment and related vehicles and services. Its Safety and Security Systems Group provides warning sirens, emergency vehicle equipment and systems for public notification and communication.

Founded in 1901, Federal Signal serves customers in North America and international markets.

Want to see what other hedge funds are holding FSS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Federal Signal Corporation (NYSE:FSS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.