Eventide Asset Management LLC Has $37.52 Million Holdings in Ferguson plc $FERG

Eventide Asset Management LLC cut its stake in Ferguson plc (NYSE:FERG) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 168,275 shares of the company’s stock after selling 10,497 shares during the period. Eventide Asset Management LLC’s holdings in Ferguson were worth $37,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FERG. Leonteq Securities AG acquired a new position in shares of Ferguson in the 4th quarter worth approximately $26,000. Basepoint Wealth LLC acquired a new position in shares of Ferguson in the 4th quarter worth approximately $26,000. Central Pacific Bank Trust Division acquired a new position in shares of Ferguson in the 4th quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Ferguson in the 3rd quarter worth approximately $28,000. Finally, Grove Bank & Trust grew its position in Ferguson by 154.4% during the 4th quarter. Grove Bank & Trust now owns 145 shares of the company’s stock worth $32,000 after acquiring an additional 88 shares during the last quarter. 81.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Jefferies Financial Group restated a “buy” rating and set a $300.00 price target on shares of Ferguson in a research report on Tuesday, February 24th. Truist Financial increased their price target on Ferguson from $260.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Citigroup restated a “neutral” rating on shares of Ferguson in a research report on Wednesday, May 6th. Oppenheimer increased their price target on Ferguson from $255.00 to $280.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada increased their price target on Ferguson from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Two 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $277.77.

Ferguson Stock Up 0.9%

NYSE FERG opened at $230.13 on Friday. The firm has a market cap of $44.63 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 1.63 and a beta of 1.15. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96. The stock’s 50 day simple moving average is $240.99 and its 200 day simple moving average is $241.08. Ferguson plc has a one year low of $207.64 and a one year high of $271.64.

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

Ferguson Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, May 15th. Ferguson’s dividend payout ratio (DPR) is presently 41.40%.

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

About Ferguson

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.