Bank of America Corp DE Grows Holdings in Ferguson plc $FERG

Key Points

• Bank of America increased its Ferguson stake by 43.6% in the first quarter, adding 312,756 shares to own 1.03 million shares valued at approximately $240.2 million. Institutional investors and hedge funds collectively own 81.98% of Ferguson.
• Ferguson reported quarterly EPS of $2.28, beating estimates of $2.14, while revenue rose 3.6% year over year to $7.47 billion. The board also authorized a $2 billion share-repurchase program, covering up to 3.9% of outstanding shares.
• Analyst sentiment remains favorable but mixed, with Ferguson holding a “Moderate Buy” consensus rating and an average price target of $277.21; recent targets range from $265 to $297.

Bank of America Corp DE grew its position in Ferguson plc (NYSE:FERG - Free Report) by 43.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,029,896 shares of the company's stock after acquiring an additional 312,756 shares during the period. Bank of America Corp DE owned about 0.53% of Ferguson worth $240,234,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Leonteq Securities AG purchased a new position in Ferguson during the fourth quarter worth approximately $26,000. Basepoint Wealth LLC purchased a new stake in Ferguson in the 4th quarter worth $26,000. Zions Bancorporation National Association UT raised its position in Ferguson by 123.4% during the fourth quarter. Zions Bancorporation National Association UT now owns 143 shares of the company's stock worth $32,000 after acquiring an additional 79 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of Ferguson in the third quarter valued at about $34,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Ferguson by 53.9% during the fourth quarter. Cornerstone Planning Group LLC now owns 197 shares of the company's stock worth $44,000 after purchasing an additional 69 shares in the last quarter. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Ferguson Price Performance

NYSE:FERG opened at $249.98 on Tuesday. Ferguson plc has a 52 week low of $207.64 and a 52 week high of $271.64. The stock's fifty day moving average is $231.15 and its two-hundred day moving average is $240.56. The company has a market capitalization of $48.48 billion, a P/E ratio of 29.07, a P/E/G ratio of 1.66 and a beta of 1.14. 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 (NYSE:FERG - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $7.47 billion during the quarter. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.The firm's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.50 earnings per share. Equities analysts expect that Ferguson plc will post 11.25 EPS for the current year.

Ferguson announced that its Board of Directors has authorized a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group cut Ferguson from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $315.00 to $265.00 in a report on Monday, July 6th. Zelman & Associates upgraded Ferguson from a "hold" rating to an "outperform" rating and set a $285.00 target price on the stock in a report on Friday, July 17th. Wells Fargo & Company increased their price target on Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Weiss Ratings upgraded Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Finally, Barclays boosted their price target on shares of Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Ferguson has an average rating of "Moderate Buy" and an average price target of $277.21.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source