Canada Pension Plan Investment Board Buys 70,548 Shares of Ferguson plc $FERG

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Ferguson plc by 39.7% during the first quarter, owning approximately $39.77 million worth of shares after acquiring an additional 70,548 shares.
• Ferguson reported $2.50 earnings per share for the last quarter, exceeding analysts' estimates by $0.44, with a 4.3% year-over-year revenue increase.
• Several investment firms have recently adjusted their price targets for Ferguson, with Wells Fargo increasing theirs from $230 to $250, and The Goldman Sachs Group initiating coverage with a buy rating and a target of $280.

Canada Pension Plan Investment Board increased its stake in Ferguson plc (NASDAQ:FERG - Free Report) by 39.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 248,186 shares of the company's stock after acquiring an additional 70,548 shares during the period. Canada Pension Plan Investment Board owned about 0.12% of Ferguson worth $39,767,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Ferguson by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 19,168,743 shares of the company's stock valued at $3,071,408,000 after buying an additional 806,718 shares in the last quarter. Bank of New York Mellon Corp grew its position in Ferguson by 24.5% during the first quarter. Bank of New York Mellon Corp now owns 7,660,299 shares of the company's stock valued at $1,227,410,000 after acquiring an additional 1,506,024 shares during the last quarter. Invesco Ltd. raised its stake in shares of Ferguson by 13.8% during the first quarter. Invesco Ltd. now owns 6,818,800 shares of the company's stock worth $1,092,576,000 after acquiring an additional 827,355 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Ferguson by 1.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,935,419 shares of the company's stock worth $856,746,000 after acquiring an additional 62,887 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Ferguson by 65.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,454,467 shares of the company's stock worth $713,740,000 after acquiring an additional 1,755,464 shares during the last quarter. Hedge funds and other institutional investors own 81.98% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Royal Bank Of Canada lifted their target price on shares of Ferguson from $189.00 to $231.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Oppenheimer lifted their price objective on Ferguson from $189.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Truist Financial reaffirmed a "buy" rating and issued a $230.00 price target on shares of Ferguson in a research note on Wednesday, June 4th. UBS Group boosted their price objective on Ferguson from $173.00 to $204.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Finally, Wells Fargo & Company increased their price objective on Ferguson from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $221.00.

Ferguson Stock Up 2.9%

Shares of FERG traded up $6.56 on Thursday, reaching $236.48. The stock had a trading volume of 1,393,443 shares, compared to its average volume of 1,677,416. The company has a 50-day simple moving average of $225.40 and a 200-day simple moving average of $193.92. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.91 and a current ratio of 1.68. The firm has a market capitalization of $46.63 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 1.69 and a beta of 1.15. Ferguson plc has a 12-month low of $146.00 and a 12-month high of $238.16.

Ferguson (NASDAQ:FERG - Get Free Report) last released its earnings results on Tuesday, June 3rd. The company reported $2.50 earnings per share for the quarter, topping analysts' consensus estimates of $2.06 by $0.44. Ferguson had a net margin of 5.68% and a return on equity of 34.63%. During the same period in the prior year, the firm posted $2.32 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. Sell-side analysts predict that Ferguson plc will post 9.4 EPS for the current year.

Ferguson Profile

Ferguson plc distributes plumbing and heating products in the United States and Canada. It offers plumbing and heating solutions to customers in the residential, commercial, civil/infrastructure, and industrial end markets. The company also provides expertise, solutions, and products, including infrastructure, plumbing, appliances, fire, fabrication, and others, as well as heating, ventilation, and air conditioning products under the Ferguson brand name.