California Public Employees Retirement System Reduces Stock Holdings in Ferguson plc $FERG

California Public Employees Retirement System lowered its holdings in Ferguson plc (NYSE:FERG) by 34.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 433,274 shares of the company’s stock after selling 230,569 shares during the quarter. California Public Employees Retirement System’s holdings in Ferguson were worth $101,065,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG grew its position in Ferguson by 350,745.0% during the fourth quarter. Raiffeisen Bank International AG now owns 522,759 shares of the company’s stock valued at $116,382,000 after buying an additional 522,610 shares during the period. Marsico Capital Management LLC acquired a new position in shares of Ferguson in the fourth quarter worth about $11,017,000. Lmcg Investments LLC acquired a new position in shares of Ferguson in the first quarter worth about $1,806,000. V Square Quantitative Management LLC purchased a new stake in shares of Ferguson during the 4th quarter worth about $891,000. Finally, D.A. Davidson & CO. boosted its stake in shares of Ferguson by 89.6% during the 4th quarter. D.A. Davidson & CO. now owns 30,983 shares of the company’s stock worth $6,898,000 after acquiring an additional 14,644 shares in the last quarter. Hedge funds and other institutional investors own 81.98% of the company’s stock.

Analyst Ratings Changes

FERG has been the subject of several recent analyst reports. The Goldman Sachs Group lowered Ferguson from a “buy” rating to a “neutral” rating and cut their price target for the company from $315.00 to $265.00 in a research note on Monday, July 6th. Wells Fargo & Company increased their price target on Ferguson from $260.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada raised their price objective on Ferguson from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Zelman & Associates upgraded Ferguson from a “hold” rating to an “outperform” rating and set a $285.00 price objective for the company in a research report on Friday. Finally, Citigroup reaffirmed a “neutral” rating on shares of Ferguson in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $277.21.

Ferguson Stock Down 1.2%

Shares of NYSE FERG opened at $231.39 on Friday. The firm has a market cap of $44.88 billion, a price-to-earnings ratio of 26.91, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13. The company’s 50-day simple moving average is $230.34 and its 200-day simple moving average is $240.30. The company has a quick ratio of 0.96, a current ratio of 1.78 and a debt-to-equity ratio of 0.68. 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 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. The firm had revenue of $7.47 billion during the quarter. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the company earned $2.50 EPS. Equities analysts predict that Ferguson plc will post 11.27 EPS for the current fiscal year.

Ferguson Dividend Announcement

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

Ferguson declared that its board has authorized a stock repurchase plan on Tuesday, May 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors 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.