Hartford Funds Management Co LLC Takes $674,000 Position in Ferguson plc $FERG

Hartford Funds Management Co LLC acquired a new stake in shares of Ferguson plc (NYSE:FERG) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 3,025 shares of the company’s stock, valued at approximately $674,000.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Ferguson by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 19,418,334 shares of the company’s stock valued at $4,323,104,000 after acquiring an additional 102,850 shares in the last quarter. State Street Corp increased its holdings in shares of Ferguson by 1.9% during the third quarter. State Street Corp now owns 4,437,468 shares of the company’s stock valued at $1,000,152,000 after acquiring an additional 81,094 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Ferguson by 2.6% during the third quarter. Franklin Resources Inc. now owns 4,367,818 shares of the company’s stock valued at $980,921,000 after acquiring an additional 112,157 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Ferguson by 22.4% during the third quarter. Wellington Management Group LLP now owns 3,734,911 shares of the company’s stock valued at $838,786,000 after acquiring an additional 682,666 shares in the last quarter. Finally, Soroban Capital Partners LP increased its holdings in shares of Ferguson by 2.8% during the second 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 in the last quarter. Institutional investors and hedge funds own 81.98% of the company’s stock.

Ferguson Price Performance

Shares of NYSE:FERG opened at $219.98 on Tuesday. Ferguson plc has a twelve month low of $176.26 and a twelve month high of $271.64. The company’s 50 day moving average is $240.68 and its 200 day moving average is $243.46. The company has a current ratio of 1.88, a quick ratio of 1.01 and a debt-to-equity ratio of 0.68. The company has a market cap of $42.66 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23.

Ferguson (NYSE:FERG) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.14. Ferguson had a net margin of 6.98% and a return on equity of 38.92%. The company had revenue of $7.47 billion for the quarter. During the same quarter last year, the company posted $2.50 EPS. Ferguson’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Ferguson plc will post 11.25 EPS for the current year.

Ferguson announced that its board has approved a stock buyback program on Tuesday, May 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Ferguson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Friday, May 15th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, May 15th. Ferguson’s dividend payout ratio is currently 41.40%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FERG shares. Oppenheimer upped their price objective on shares of Ferguson from $255.00 to $280.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Truist Financial increased their price target on shares of Ferguson from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Jefferies Financial Group reiterated a “buy” rating and issued a $300.00 price target on shares of Ferguson in a report on Tuesday, February 24th. Citigroup reiterated a “neutral” rating on shares of Ferguson in a report on Wednesday, May 6th. Finally, 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 report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $269.73.

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.