Legal & General Group Plc Sells 53,786 Shares of Ferguson plc $FERG

Legal & General Group Plc reduced its position in Ferguson plc (NYSE:FERG) by 3.8% in the second quarter, Holdings Channel.com reports. The fund owned 1,368,081 shares of the company’s stock after selling 53,786 shares during the period. Legal & General Group Plc’s holdings in Ferguson were worth $324,985,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FERG. Leonteq Securities AG bought a new stake in shares of Ferguson in the 4th quarter worth $26,000. Basepoint Wealth LLC purchased a new position in shares of Ferguson in the fourth quarter worth $26,000. Compass Financial Management LLC bought a new position in shares of Ferguson during the second quarter valued at $32,000. Zions Bancorporation National Association UT lifted its holdings in shares of Ferguson by 123.4% during the fourth quarter. Zions Bancorporation National Association UT now owns 143 shares of the company’s stock valued at $32,000 after purchasing an additional 79 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Ferguson during the third quarter valued at $34,000. 81.98% of the stock is owned by institutional investors.

Ferguson Stock Down 1.6%

Shares of FERG stock opened at $232.66 on Wednesday. Ferguson plc has a 12 month low of $207.64 and a 12 month high of $271.64. The stock has a market cap of $45.01 billion, a P/E ratio of 27.34, a P/E/G ratio of 1.64 and a beta of 1.14. The company has a current ratio of 1.73, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. The company has a 50 day simple moving average of $237.14 and a two-hundred day simple moving average of $240.04.

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

Ferguson Announces Dividend

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

Ferguson announced that its board has initiated a stock buyback plan on Tuesday, May 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently commented on FERG. Zelman & Associates upgraded Ferguson from a “hold” rating to an “outperform” rating and set a $285.00 price objective for the company in a report on Friday, July 17th. UBS Group raised their price target on shares of Ferguson from $252.00 to $256.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Robert W. Baird lifted their price target on shares of Ferguson from $285.00 to $288.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada boosted their price objective on shares of Ferguson from $281.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Finally, Oppenheimer raised their target price on shares of Ferguson from $280.00 to $288.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $285.93.

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.