Ceredex Value Advisors LLC Acquires 96,468 Shares of Ferguson plc $FERG

Key Points

• Ceredex Value Advisors more than doubled its Ferguson stake in the second quarter, acquiring 96,468 additional shares and bringing its holdings to 183,143 shares valued at approximately $43.5 million. Institutional investors collectively own 81.98% of Ferguson.
• Analyst sentiment remains positive, with Ferguson receiving a consensus “Moderate Buy” rating and an average price target of $285.93, above its reported share price of $239.83.
• Ferguson exceeded quarterly earnings expectations, reporting $3.39 in EPS on $8.75 billion in revenue. The company also declared a quarterly dividend of $0.89 per share and has authorization to repurchase up to $2 billion of its stock.

Ceredex Value Advisors LLC grew its stake in shares of Ferguson plc (NYSE:FERG - Free Report) by 111.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 183,143 shares of the company's stock after buying an additional 96,468 shares during the period. Ferguson accounts for about 1.2% of Ceredex Value Advisors LLC's investment portfolio, making the stock its 13th largest position. Ceredex Value Advisors LLC owned about 0.09% of Ferguson worth $43,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Leonteq Securities AG purchased a new position in Ferguson during the fourth quarter valued at $26,000. Basepoint Wealth LLC bought a new stake in Ferguson in the 4th quarter valued at $26,000. Zions Bancorporation National Association UT lifted its stake in Ferguson by 123.4% in the 4th quarter. Zions Bancorporation National Association UT now owns 143 shares of the company's stock worth $32,000 after purchasing an additional 79 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in Ferguson in the 3rd quarter worth $34,000. Finally, Eastern Bank bought a new position in shares of Ferguson during the 2nd quarter valued at about $42,000. Institutional investors own 81.98% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FERG. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $261.00 price objective on shares of Ferguson in a research report on Tuesday. Sanford C. Bernstein boosted their target price on Ferguson from $310.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Oppenheimer increased their price target on Ferguson from $280.00 to $288.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Wells Fargo & Company raised their price target on Ferguson from $285.00 to $295.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Finally, Robert W. Baird lifted their price objective on Ferguson from $285.00 to $288.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Ferguson currently has an average rating of "Moderate Buy" and a consensus target price of $285.93.

Ferguson Stock Performance

Shares of NYSE:FERG opened at $239.83 on Friday. Ferguson plc has a 52 week low of $207.64 and a 52 week high of $271.64. The stock has a market capitalization of $46.40 billion, a P/E ratio of 28.18, a PEG ratio of 1.69 and a beta of 1.14. The firm has a fifty day simple moving average of $236.94 and a two-hundred day simple moving average of $240.49. The company has a quick ratio of 0.93, a current ratio of 1.73 and a debt-to-equity ratio of 0.72.

Ferguson (NYSE:FERG - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported $3.39 earnings per share for the quarter, topping analysts' consensus estimates of $3.23 by $0.16. Ferguson had a net margin of 6.82% and a return on equity of 37.24%. The firm had revenue of $8.75 billion for the quarter. On average, analysts expect that Ferguson plc will post 11.39 earnings per share for the current fiscal year.

Ferguson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Friday, August 21st will be paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. Ferguson's payout ratio is presently 41.83%.

Ferguson announced that its board has initiated a stock repurchase plan on Tuesday, May 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors 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.

Want to see what other hedge funds are holding FERG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ferguson plc (NYSE:FERG - Free Report).

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