Anchor Capital Advisors LLC Sells 9,703 Shares of Ferguson plc $FERG

Key Points

• Anchor Capital Advisors LLC reduced its Ferguson stake by 3.1% in the fourth quarter, selling 9,703 shares and leaving it with 300,927 shares valued at about $66.995 million.
• Ferguson reported better-than-expected quarterly earnings of $2.28 per share on revenue of $7.47 billion, with revenue up 3.6% year over year.
• The company announced a quarterly dividend of $0.89 per share and a new $2 billion share repurchase program, while analysts generally remain constructive with a consensus rating of “Moderate Buy.”

Anchor Capital Advisors LLC cut its stake in shares of Ferguson plc (NYSE:FERG - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 300,927 shares of the company's stock after selling 9,703 shares during the period. Ferguson makes up 1.9% of Anchor Capital Advisors LLC's investment portfolio, making the stock its 9th biggest holding. Anchor Capital Advisors LLC owned 0.15% of Ferguson worth $66,995,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Ferguson during the fourth quarter worth about $498,005,000. Durable Capital Partners LP acquired a new stake in Ferguson during the 3rd quarter valued at $244,561,000. Qube Research & Technologies Ltd increased its position in Ferguson by 588.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,087,523 shares of the company's stock worth $244,236,000 after buying an additional 929,475 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Ferguson by 22.4% during the third quarter. Wellington Management Group LLP now owns 3,734,911 shares of the company's stock valued at $838,786,000 after acquiring an additional 682,666 shares during the last quarter. Finally, 59 North Capital Management LP boosted its stake in shares of Ferguson by 114.7% during the 3rd quarter. 59 North Capital Management LP now owns 1,255,137 shares of the company's stock worth $281,879,000 after purchasing an additional 670,473 shares during the last quarter. 81.98% of the stock is owned by institutional investors and hedge funds.

Ferguson Price Performance

Shares of NYSE FERG opened at $227.43 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $44.11 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 1.59 and a beta of 1.15. Ferguson plc has a twelve month low of $200.96 and a twelve month high of $271.64. The business has a 50 day simple moving average of $240.66 and a 200-day simple moving average of $241.79.

Ferguson (NYSE:FERG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.14 by $0.14. The company had revenue of $7.47 billion for the quarter. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The company's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.50 earnings per share. As a group, equities research analysts expect that Ferguson plc will post 11.26 earnings per share for the current year.

Ferguson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Investors of record on Friday, May 15th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, May 15th. Ferguson's dividend payout ratio (DPR) is currently 41.40%.

Ferguson announced that its board has authorized a share repurchase program on Tuesday, May 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

FERG has been the topic of a number of recent analyst reports. UBS Group increased their price target on Ferguson from $220.00 to $252.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 25th. Barclays upped their price objective on Ferguson from $295.00 to $297.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. 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. Wells Fargo & Company lifted their target price on shares of Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $300.00 price objective on shares of Ferguson in a research report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $269.73.

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.

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