Jim Cramer on Forgent: “I Wouldn’t Mind Owning Some Myself for the Charitable Trust”

Forgent Power Solutions, Inc. (NYSE:FPS) was among the stocks Jim Cramer shared his opinions on during Mad Money. Toward the end of the lightning round, answering a caller’s query about the stock, Cramer remarked:

Yeah, see, they did that big stock offering. I’m not sure people expected there would be as many shares in that. I know they said it was oversubscribed. I would rather just focus on the fact that I think the fundamentals are really gorgeous, and I wouldn’t mind owning some myself for the Charitable Trust.

Stock market data. Photo by Photo by Alesia Kozik

Forgent Power Solutions, Inc. (NYSE:FPS) designs and manufactures electrical distribution equipment, such as switchgear, transformers, and power units. In addition, the company provides maintenance, repair, and commissioning services to companies in the technology, utility, and industrial sectors. Cramer said that the stock has been a “home run” during the June 12 episode. He remarked:

Now, second, in early March, I recommended Forgent Power Solutions. That’s a maker of electrical distribution equipment used in data centers, the power grid, and all sorts of energy-intensive industrial facilities. Now, I covered this one in early March, about a month after it came public, and I told you I liked it because it was trading at a sizable discount to its closest competitor, which is Vertiv, the one that Dave Cote is chairman of.

Since then, Forgent became an incredible performer, rallying from $34 to $59, 75% gain, thanks to a couple of very strong quarters. In fact, Forgent did a secondary offering at the end of May, often the kiss of death for a newly public company, but the darn thing, it just kept rallying. At these levels, though, you got my blessing to ring the register, it’s been a home run, ideally before the lockup on insider selling in this one, which ends in early August.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.