Royal London Asset Management Ltd. Lowers Stock Position in Ferguson plc $FERG

Royal London Asset Management Ltd. cut its holdings in shares of Ferguson plc (NYSE:FERG) by 13.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 704,340 shares of the company’s stock after selling 106,553 shares during the period. Royal London Asset Management Ltd. owned 0.36% of Ferguson worth $156,807,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FERG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Ferguson by 23.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,262 shares of the company’s stock worth $2,445,000 after acquiring an additional 2,940 shares during the last quarter. Caxton Associates LLP purchased a new position in shares of Ferguson during the first quarter worth approximately $310,000. Focus Partners Wealth grew its position in shares of Ferguson by 22.7% during the first quarter. Focus Partners Wealth now owns 3,140 shares of the company’s stock worth $503,000 after acquiring an additional 581 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Ferguson during the second quarter worth approximately $257,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Ferguson by 7.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 690 shares of the company’s stock worth $150,000 after acquiring an additional 48 shares during the last quarter. 81.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a $300.00 target price on shares of Ferguson in a research report on Tuesday, February 24th. Wells Fargo & Company raised their target price on shares of Ferguson from $260.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Weiss Ratings lowered shares of Ferguson from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 20th. UBS Group lifted their price objective on shares of Ferguson from $220.00 to $252.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Finally, Oppenheimer lifted their price objective on shares of Ferguson from $255.00 to $280.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $277.77.

Ferguson Price Performance

Shares of NYSE FERG opened at $230.13 on Friday. The firm has a market capitalization of $44.63 billion, a P/E ratio of 26.76, a PEG ratio of 1.61 and a beta of 1.15. Ferguson plc has a one year low of $207.64 and a one year high of $271.64. The company’s fifty day moving average is $240.99 and its two-hundred day moving average is $241.08. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.96 and a current ratio of 1.78.

Ferguson (NYSE:FERG) last issued its earnings results on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.14 by $0.14. The company had revenue of $7.47 billion for the quarter. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. Ferguson’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.50 earnings per share. Analysts forecast that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Friday, May 15th will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, May 15th. Ferguson’s payout ratio is presently 41.40%.

Ferguson announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are 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.