Forgent Power Solutions (NYSE:FPS) Posts Earnings Results

Forgent Power Solutions (NYSE:FPS) issued its quarterly earnings results on Tuesday. The company reported $0.25 earnings per share for the quarter, FiscalAI reports. Forgent Power Solutions had a return on equity of 12.14% and a net margin of 2.17%.The company had revenue of $461.67 million during the quarter.

Forgent Power Solutions Stock Down 10.7%

FPS stock opened at $28.43 on Tuesday. The stock’s 50 day simple moving average is $35.89 and its 200 day simple moving average is $40.21. The company has a market cap of $8.65 billion and a P/E ratio of 189.50. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.16 and a current ratio of 1.64. Forgent Power Solutions has a fifty-two week low of $25.95 and a fifty-two week high of $66.00.

Hedge Funds Weigh In On Forgent Power Solutions

A number of large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new stake in Forgent Power Solutions during the 2nd quarter valued at $846,000. Tidal Investments LLC acquired a new position in shares of Forgent Power Solutions during the second quarter valued at about $7,858,000. MCF Advisors LLC bought a new stake in shares of Forgent Power Solutions during the second quarter worth about $1,000,000. Scholtz & Company LLC acquired a new stake in shares of Forgent Power Solutions in the 2nd quarter worth about $1,892,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Forgent Power Solutions in the 2nd quarter worth about $2,095,000.

Analyst Upgrades and Downgrades

FPS has been the subject of several recent analyst reports. Jefferies Financial Group increased their price objective on shares of Forgent Power Solutions from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Robert W. Baird began coverage on Forgent Power Solutions in a research report on Wednesday, July 15th. They issued an “outperform” rating and a $55.00 price objective for the company. TD Cowen upped their target price on Forgent Power Solutions from $63.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Weiss Ratings downgraded Forgent Power Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Finally, Zacks Research cut Forgent Power Solutions from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 8th. 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 issued a Sell rating to the stock. According to MarketBeat, Forgent Power Solutions has a consensus rating of “Moderate Buy” and a consensus price target of $56.75.

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.