Ieq Capital LLC Reduces Position in Ferguson plc $FERG

Ieq Capital LLC lowered its position in Ferguson plc (NYSE:FERG) by 85.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 3,165 shares of the company’s stock after selling 19,350 shares during the period. Ieq Capital LLC’s holdings in Ferguson were worth $751,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Wellington Management Group LLP grew its position in Ferguson by 150.8% during the 4th quarter. Wellington Management Group LLP now owns 9,366,465 shares of the company’s stock worth $2,085,256,000 after purchasing an additional 5,631,554 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Ferguson by 2.1% during the first quarter. Janus Henderson Group PLC now owns 6,107,108 shares of the company’s stock worth $1,424,075,000 after buying an additional 125,317 shares during the period. State Street Corp grew its holdings in shares of Ferguson by 1.8% during the fourth quarter. State Street Corp now owns 4,516,764 shares of the company’s stock worth $1,005,567,000 after buying an additional 79,296 shares during the last quarter. Franklin Resources Inc. increased its position in Ferguson by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 4,393,603 shares of the company’s stock valued at $977,959,000 after acquiring an additional 25,785 shares during the period. Finally, Soroban Capital Partners LP raised its stake in Ferguson by 2.8% during the 2nd quarter. Soroban Capital Partners LP now owns 3,705,056 shares of the company’s stock valued at $806,776,000 after acquiring an additional 100,559 shares during the last quarter. 81.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FERG shares. UBS Group lifted their target price on Ferguson from $252.00 to $256.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. The Goldman Sachs Group cut shares of Ferguson from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $315.00 to $265.00 in a research note on Monday, July 6th. Royal Bank Of Canada raised their target price on shares of Ferguson from $281.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $261.00 price target on shares of Ferguson in a research note on Tuesday, August 18th. Finally, Oppenheimer raised their price objective on shares of Ferguson from $280.00 to $288.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Ferguson presently has a consensus rating of “Moderate Buy” and an average price target of $285.93.

Ferguson Stock Performance

Shares of FERG opened at $233.24 on Friday. The company has a 50-day simple moving average of $237.14 and a 200-day simple moving average of $239.70. The company has a quick ratio of 0.93, a current ratio of 1.73 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $45.12 billion, a PE ratio of 27.41, a P/E/G ratio of 1.64 and a beta of 1.14. Ferguson plc has a 52-week low of $207.64 and a 52-week high of $271.64.

Ferguson (NYSE:FERG) last released its quarterly earnings data on Monday, August 10th. The company reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $3.23 by $0.16. Ferguson had a net margin of 6.82% and a return on equity of 37.24%. The firm had revenue of $8.75 billion for the quarter. Equities research analysts predict that Ferguson plc will post 11.42 earnings per share for the current fiscal year.

Ferguson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Friday, August 21st will be paid a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. Ferguson’s dividend payout ratio (DPR) is presently 41.83%.

Ferguson declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.