Van ECK Associates Corp Trims Stock Holdings in Ferguson plc $FERG

Van ECK Associates Corp lowered its stake in shares of Ferguson plc (NYSE:FERG) by 10.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,383 shares of the company’s stock after selling 4,283 shares during the period. Van ECK Associates Corp’s holdings in Ferguson were worth $8,635,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Hsbc Holdings PLC lifted its holdings in Ferguson by 81.4% during the 2nd quarter. Hsbc Holdings PLC now owns 427,091 shares of the company’s stock worth $101,419,000 after purchasing an additional 191,609 shares in the last quarter. Man Group plc lifted its holdings in shares of Ferguson by 613.8% in the second quarter. Man Group plc now owns 401,395 shares of the company’s stock worth $95,263,000 after buying an additional 345,165 shares in the last quarter. Jupiter Topco LLC bought a new position in shares of Ferguson in the second quarter valued at approximately $1,789,368,000. PDT Partners LLC purchased a new position in Ferguson during the second quarter valued at approximately $2,397,000. Finally, Jones Financial Companies Lllp grew its stake in Ferguson by 13.2% during the second quarter. Jones Financial Companies Lllp now owns 96,108 shares of the company’s stock valued at $22,932,000 after acquiring an additional 11,196 shares in the last quarter. 81.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ferguson

In other news, insider Jake Schlicher sold 5,177 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $230.92, for a total value of $1,195,472.84. Following the transaction, the insider owned 9,490 shares in the company, valued at approximately $2,191,430.80. This trade represents a 35.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

FERG has been the topic of several recent analyst reports. Citigroup reiterated a “neutral” rating on shares of Ferguson in a research note on Wednesday, May 6th. Sanford C. Bernstein upped their price target on shares of Ferguson from $310.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Zelman & Associates raised Ferguson from a “hold” rating to an “outperform” rating and set a $285.00 price objective for the company in a research note on Friday, July 17th. Oppenheimer upped their target price on Ferguson from $280.00 to $288.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group cut Ferguson from a “buy” rating to a “neutral” rating and lowered their price target for the company from $315.00 to $265.00 in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $285.93.

Ferguson Price Performance

Shares of Ferguson stock opened at $219.09 on Wednesday. The firm has a market capitalization of $42.38 billion, a PE ratio of 25.75, a price-to-earnings-growth ratio of 1.56 and a beta of 1.13. The company has a current ratio of 1.73, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. Ferguson plc has a 12 month low of $207.64 and a 12 month high of $271.64. The business’s 50-day moving average price is $236.37 and its 200-day moving average price is $238.86.

Ferguson (NYSE:FERG) last posted its quarterly earnings results on Monday, August 10th. The company reported $3.39 EPS for the quarter, topping the consensus estimate 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. Sell-side analysts forecast that Ferguson plc will post 11.42 EPS for the current fiscal year.

Ferguson declared that its board has initiated a share 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 a sign that the company’s management believes its shares are undervalued.

Ferguson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Friday, August 21st will be given a $0.89 dividend. The ex-dividend date is Friday, August 21st. This represents a $3.56 annualized dividend and a yield of 1.6%. Ferguson’s payout ratio is presently 41.83%.

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.