MCF Advisors LLC acquired a new stake in Forgent Power Solutions, Inc. (NYSE:FPS – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 17,905 shares of the company’s stock, valued at approximately $1,000,000.
Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised 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 purchasing an additional 290,577 shares during the period. Public Employees Retirement System of Ohio bought a new position in Forgent Power Solutions during the second quarter valued at about $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 about $23,123,000. Hollencrest Capital Management bought a new stake in Forgent Power Solutions in the second quarter worth about $56,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Forgent Power Solutions in the second quarter valued at about $30,000.
Wall Street Analysts Forecast Growth
FPS has been the subject of several research analyst reports. Morgan Stanley raised 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 note on Sunday, May 17th. Jefferies Financial Group upped their price objective 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. KeyCorp increased their price objective on Forgent Power Solutions from $41.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, May 15th. The Goldman Sachs Group raised their target price on Forgent Power Solutions from $49.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Barclays boosted their target price on Forgent Power Solutions from $44.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Forgent Power Solutions has an average rating of “Moderate Buy” and an average target price of $56.75.
Forgent Power Solutions Stock Performance
NYSE FPS opened at $29.14 on Friday. The company’s 50 day moving average is $36.58 and its 200-day moving average is $40.27. Forgent Power Solutions, Inc. has a 12-month low of $25.95 and a 12-month high of $66.00. 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 firm has a market cap of $8.87 billion and a P/E ratio of 194.30.
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.
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