Allspring Global Investments Holdings LLC Increases Stock Position in Ferguson plc $FERG

Key Points

• Allspring Global Investments increased its Ferguson stake by 18.3% in Q1, bringing its holdings to 35,824 shares worth about $8.56 million. Other institutions also added to or initiated positions, and institutional ownership now stands at 81.98%.
• Analyst sentiment remains mixed but constructive: Ferguson has a consensus rating of “Moderate Buy” with an average price target of $277.21. Recent moves included RBC and Barclays raising targets, while Goldman Sachs cut its rating to neutral and lowered its target.
• Ferguson reported solid results and shareholder returns, beating quarterly EPS expectations with $2.28 per share on $7.47 billion in revenue. The company also paid a $0.89 quarterly dividend and authorized a $2.0 billion share buyback program.

Allspring Global Investments Holdings LLC grew its holdings in shares of Ferguson plc (NYSE:FERG - Free Report) by 18.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,824 shares of the company's stock after buying an additional 5,537 shares during the period. Allspring Global Investments Holdings LLC's holdings in Ferguson were worth $8,564,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 valued at $2,445,000 after purchasing an additional 2,940 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Ferguson in the 1st quarter worth approximately $310,000. Focus Partners Wealth boosted its position in shares of Ferguson by 22.7% in the 1st quarter. Focus Partners Wealth now owns 3,140 shares of the company's stock worth $503,000 after purchasing an additional 581 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Ferguson in the 2nd quarter worth approximately $257,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Ferguson by 7.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 690 shares of the company's stock worth $150,000 after buying an additional 48 shares during the last quarter. 81.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Royal Bank Of Canada lifted their price objective on Ferguson from $271.00 to $281.00 and gave the company an "outperform" rating in a research note on Wednesday, May 6th. Barclays increased their target price on Ferguson from $295.00 to $297.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Weiss Ratings upgraded Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. The Goldman Sachs Group lowered Ferguson from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Finally, Citigroup reiterated a "neutral" rating on shares of Ferguson in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $277.21.

Ferguson Stock Performance

Shares of FERG stock opened at $229.96 on Thursday. The company has a 50 day moving average price of $229.73 and a 200-day moving average price of $240.49. The firm has a market capitalization of $44.60 billion, a PE ratio of 26.74, a P/E/G ratio of 1.60 and a beta of 1.13. 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.14 by $0.14. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.The company had revenue of $7.47 billion during the quarter. During the same period in the previous year, the firm earned $2.50 EPS. The business's revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts expect that Ferguson plc will post 11.27 earnings per share for the current year.

Ferguson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Friday, May 15th were given 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 buyback program on Tuesday, May 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management 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.

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