Ferguson plc $FERG Stake Trimmed by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC lessened its stake in shares of Ferguson plc (NYSE:FERG) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,266 shares of the company’s stock after selling 2,905 shares during the period. Manning & Napier Advisors LLC’s holdings in Ferguson were worth $4,494,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Leonteq Securities AG acquired a new position in shares of Ferguson in the fourth quarter worth about $26,000. Basepoint Wealth LLC acquired a new stake in shares of Ferguson during the fourth quarter valued at approximately $26,000. Central Pacific Bank Trust Division purchased a new stake in shares of Ferguson in the 4th quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Ferguson in the 3rd quarter valued at approximately $28,000. Finally, Grove Bank & Trust boosted its stake in Ferguson by 154.4% in the 4th quarter. Grove Bank & Trust now owns 145 shares of the company’s stock worth $32,000 after purchasing an additional 88 shares during the period. 81.98% of the stock is owned by hedge funds and other institutional investors.

Ferguson Stock Up 1.4%

FERG traded up $3.23 on Friday, reaching $227.85. 1,257,084 shares of the company traded hands, compared to its average volume of 1,203,090. The stock’s 50 day moving average price is $232.28 and its 200-day moving average price is $240.17. Ferguson plc has a 52-week low of $207.64 and a 52-week high of $271.64. The company 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. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96.

Ferguson (NYSE:FERG) last released its quarterly earnings data on Tuesday, May 5th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.14. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The firm had revenue of $7.47 billion for the quarter. During the same quarter in the prior year, the company posted $2.50 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson announced that its board has initiated a share repurchase plan on Tuesday, May 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Ferguson Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th were paid a $0.89 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.6%. Ferguson’s dividend payout ratio is 41.40%.

Wall Street Analyst Weigh In

Several research firms have weighed in on FERG. The Goldman Sachs Group cut shares of Ferguson from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Wells Fargo & Company increased their target price on Ferguson from $260.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings raised Ferguson from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Barclays lifted their price target on Ferguson from $295.00 to $297.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Finally, Citigroup reissued a “neutral” rating on shares of Ferguson in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $276.61.

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.