Forgent Power Solutions (NYSE:FPS) Stock Price Up 6.7% – Still a Buy?

Shares of Forgent Power Solutions, Inc. (NYSE:FPS) rose 6.7% during mid-day trading on Friday . The company traded as high as $31.13 and last traded at $31.17. Approximately 2,147,512 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 6,009,712 shares. The stock had previously closed at $29.20.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FPS shares. Barclays lifted their target price on shares of Forgent Power Solutions from $44.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, May 15th. Robert W. Baird started coverage on Forgent Power Solutions in a report on Wednesday, July 15th. They issued an “outperform” rating and a $55.00 target price for the company. Morgan Stanley lifted their price target on Forgent Power Solutions from $38.00 to $51.00 and gave the stock an “equal weight” rating in a report on Sunday, May 17th. Oppenheimer boosted their price objective on Forgent Power Solutions from $43.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Finally, The Goldman Sachs Group raised their target price on Forgent Power Solutions from $49.00 to $60.00 and gave the company 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 assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.75.

Forgent Power Solutions Trading Up 7.0%

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 firm has a fifty day simple moving average of $36.58 and a two-hundred day simple moving average of $40.27. The firm has a market capitalization of $9.51 billion and a P/E ratio of 207.99.

Hedge Funds Weigh In On Forgent Power Solutions

Several large investors have recently modified their holdings of FPS. California State Teachers Retirement System bought a new stake in shares of Forgent Power Solutions in the second quarter valued at approximately $510,943,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Forgent Power Solutions during the second quarter worth $176,441,000. Spyglass Capital Management LLC purchased a new position in shares of Forgent Power Solutions in the second quarter valued at $39,401,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Forgent Power Solutions during the 2nd quarter valued at $23,123,000. Finally, Bank of New York Mellon Corp boosted its stake in 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 worth $18,228,000 after purchasing an additional 290,577 shares during the period.

Forgent Power Solutions Company 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.