Ferguson plc $FERG Stock Position Raised by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS grew its position in shares of Ferguson plc (NYSE:FERG) by 72.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 27,306 shares of the company’s stock after acquiring an additional 11,500 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Ferguson were worth $6,369,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Leonteq Securities AG acquired a new position in Ferguson in the fourth quarter worth approximately $26,000. Basepoint Wealth LLC bought a new position in Ferguson during the fourth quarter valued at approximately $26,000. Central Pacific Bank Trust Division acquired a new stake in Ferguson in the fourth quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in Ferguson in the third quarter valued at approximately $28,000. Finally, Grove Bank & Trust lifted its stake in Ferguson by 154.4% in the fourth quarter. Grove Bank & Trust now owns 145 shares of the company’s stock valued at $32,000 after acquiring an additional 88 shares during the last quarter. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Royal Bank Of Canada increased their price target on shares of Ferguson from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Weiss Ratings raised shares of Ferguson from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Barclays upped their price objective on shares of Ferguson from $295.00 to $297.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. The Goldman Sachs Group downgraded shares of Ferguson from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Finally, Citigroup restated a “neutral” rating on shares of Ferguson in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Ferguson has a consensus rating of “Moderate Buy” and an average price target of $276.61.

Ferguson Stock Performance

Ferguson stock traded up $3.23 during trading hours on Friday, reaching $227.85. 1,257,084 shares of the company were exchanged, compared to its average volume of 1,203,090. Ferguson plc has a 12 month low of $207.64 and a 12 month high of $271.64. The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 0.68. The stock has a 50-day moving average of $232.28 and a 200 day moving average of $240.17. The firm has a market cap of $44.19 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.61 and a beta of 1.13.

Ferguson (NYSE:FERG) last released its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.14. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The company had revenue of $7.47 billion for the quarter. During the same period in the prior year, the business earned $2.50 EPS. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Ferguson plc will post 11.26 earnings per share for the current year.

Ferguson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Friday, May 15th were issued a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, May 15th. Ferguson’s dividend payout ratio (DPR) is 41.40%.

Ferguson announced that its board has initiated a share buyback plan on Tuesday, May 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Ferguson 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.