Ferguson (NYSE:FERG) Price Target Raised to $285.00

Ferguson (NYSE:FERG) had its price objective hoisted by Wells Fargo & Company from $260.00 to $285.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on FERG. Morgan Stanley reaffirmed an “overweight” rating on shares of Ferguson in a report on Tuesday, January 6th. Weiss Ratings upgraded Ferguson from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 20th. Barclays raised their target price on shares of Ferguson from $278.00 to $295.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Royal Bank Of Canada boosted their price target on shares of Ferguson from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferguson in a research note on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $269.73.

Ferguson Trading Down 2.1%

Ferguson stock opened at $241.47 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.01 and a current ratio of 1.88. The firm has a market cap of $46.83 billion, a price-to-earnings ratio of 27.38, a price-to-earnings-growth ratio of 1.75 and a beta of 1.23. Ferguson has a 1 year low of $170.23 and a 1 year high of $271.64. The firm’s 50 day moving average price is $243.59 and its two-hundred day moving average price is $244.09.

Ferguson (NYSE:FERG) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.14. The company had revenue of $7.47 billion during the quarter. Ferguson had a return on equity of 38.92% and a net margin of 6.98%.Ferguson’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the company posted $2.50 EPS. On average, research analysts predict that Ferguson will post 11.23 EPS for the current fiscal year.

Ferguson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, May 15th. Ferguson’s dividend payout ratio is 40.36%.

Ferguson announced that its board has initiated a share repurchase program on Tuesday, May 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Ferguson

Several institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in Ferguson by 3.3% in the first quarter. PNC Financial Services Group Inc. now owns 11,311 shares of the company’s stock worth $2,638,000 after buying an additional 359 shares during the last quarter. Oslo Pensjonsforsikring AS bought a new stake in Ferguson in the first quarter worth approximately $365,000. AlTi Global Inc. acquired a new position in shares of Ferguson during the 1st quarter worth $700,000. Dimensional Fund Advisors LP increased its stake in shares of Ferguson by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,751,929 shares of the company’s stock worth $408,534,000 after purchasing an additional 11,533 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Ferguson by 9.5% during the 1st quarter. Parallel Advisors LLC now owns 1,629 shares of the company’s stock valued at $380,000 after purchasing an additional 142 shares in the last quarter. 81.98% of the stock is currently owned by hedge funds and other institutional investors.

Ferguson Company Profile

Ferguson (NYSE: FERG) is a multinational distributor specializing in plumbing and heating products and related building supplies, serving professional contractors, builders and industrial customers. The company supplies a broad range of products used in residential, commercial and infrastructure projects, including pipes and fittings, valves and controls, HVAC equipment, waterworks materials, plumbing fixtures, pumps and accessories, as well as complementary electrical and specialty product lines.

Ferguson operates a network of branches and distribution centers that provide inventory, logistics and value-added services to trade customers.