Cibc World Market Inc. Sells 7,063 Shares of Ferguson plc $FERG

Key Points

• Cibc World Market Inc. cut its Ferguson stake by 47.4% in the second quarter, selling 7,063 shares and retaining 7,847 shares valued at approximately $1.86 million. Institutional investors collectively own 81.98% of Ferguson.
• Ferguson reported quarterly earnings of $3.39 per share, beating estimates of $3.23, on revenue of $8.75 billion. The company also authorized a $2 billion share repurchase program and declared a quarterly dividend of $0.89 per share, yielding about 1.5% annually.
• Analyst sentiment remains positive, with Ferguson carrying a “Moderate Buy” consensus rating and an average price target of $285.93, compared with shares trading near $235.84.

Cibc World Market Inc. decreased its stake in Ferguson plc (NYSE:FERG - Free Report) by 47.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,847 shares of the company's stock after selling 7,063 shares during the period. Cibc World Market Inc.'s holdings in Ferguson were worth $1,862,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in FERG. Simplicity Wealth LLC grew its position in Ferguson by 1.6% in the fourth quarter. Simplicity Wealth LLC now owns 3,132 shares of the company's stock worth $697,000 after acquiring an additional 48 shares in the last quarter. Sivia Capital Partners LLC raised its position in Ferguson by 2.9% during the fourth quarter. Sivia Capital Partners LLC now owns 1,685 shares of the company's stock valued at $375,000 after purchasing an additional 48 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Ferguson by 7.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 690 shares of the company's stock valued at $150,000 after purchasing an additional 48 shares in the last quarter. REAP Financial Group LLC lifted its stake in Ferguson by 13.4% during the fourth quarter. REAP Financial Group LLC now owns 431 shares of the company's stock worth $96,000 after purchasing an additional 51 shares during the last quarter. Finally, Ethic Inc. lifted its stake in Ferguson by 0.3% during the fourth quarter. Ethic Inc. now owns 22,802 shares of the company's stock worth $5,076,000 after purchasing an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 81.98% of the company's stock.

Ferguson Stock Up 1.4%

Shares of NYSE:FERG opened at $235.84 on Thursday. The stock has a market capitalization of $45.62 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 1.61 and a beta of 1.14. The stock's 50-day moving average price is $237.26 and its 200-day moving average price is $239.91. The company has a current ratio of 1.73, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. Ferguson plc has a 12-month low of $207.64 and a 12-month high of $271.64.

Ferguson (NYSE:FERG - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $3.39 earnings per share for the quarter, beating analysts' consensus estimates of $3.23 by $0.16. The company had revenue of $8.75 billion during the quarter. Ferguson had a return on equity of 37.24% and a net margin of 6.82%. On average, equities analysts anticipate that Ferguson plc will post 11.42 earnings per share for the current year.

Ferguson announced that its board has approved a share buyback plan on Tuesday, May 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Ferguson Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FERG. Royal Bank Of Canada upped their price objective on Ferguson from $281.00 to $290.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. The Goldman Sachs Group downgraded Ferguson from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Wells Fargo & Company upped their target price on Ferguson from $285.00 to $295.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. Barclays increased their price target on shares of Ferguson from $297.00 to $313.00 and gave the company an "overweight" rating in a research report on Tuesday, August 11th. Finally, UBS Group lifted their price target on shares of Ferguson from $252.00 to $256.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Ferguson presently has an average rating of "Moderate Buy" and a consensus price target of $285.93.

Ferguson 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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