Corient Private Wealth LLC Sells 51,304 Shares of Ferguson plc $FERG

Key Points

• Corient Private Wealth LLC sharply reduced its Ferguson stake, selling 51,304 shares in the fourth quarter and cutting its position by 77.2% to 15,134 shares worth about $3.37 million.
• Ferguson reported solid quarterly results and boosted shareholder returns, with EPS of $2.28 beating estimates and revenue rising 3.6% year over year; the company also authorized a $2.0 billion share repurchase program and declared a quarterly dividend of $0.89 per share.
• Analysts remain broadly positive on Ferguson, with a consensus “Moderate Buy” rating and an average price target of $277.58, while the stock recently traded down 1.1% at $238.08.

Corient Private Wealth LLC lowered its position in Ferguson plc (NYSE:FERG - Free Report) by 77.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,134 shares of the company's stock after selling 51,304 shares during the quarter. Corient Private Wealth LLC's holdings in Ferguson were worth $3,369,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FERG. Vanguard Group Inc. raised its holdings in shares of Ferguson by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 19,418,334 shares of the company's stock worth $4,323,104,000 after buying an additional 102,850 shares during the period. Wellington Management Group LLP boosted its holdings in Ferguson by 150.8% during the 4th quarter. Wellington Management Group LLP now owns 9,366,465 shares of the company's stock valued at $2,085,256,000 after acquiring an additional 5,631,554 shares during the period. Janus Henderson Group PLC boosted its holdings in Ferguson by 7.8% during the 4th quarter. Janus Henderson Group PLC now owns 5,981,791 shares of the company's stock valued at $1,331,621,000 after acquiring an additional 434,650 shares during the period. State Street Corp grew its position in Ferguson by 1.8% in the 4th quarter. State Street Corp now owns 4,516,764 shares of the company's stock valued at $1,005,567,000 after acquiring an additional 79,296 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Ferguson by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 4,393,603 shares of the company's stock valued at $977,959,000 after acquiring an additional 25,785 shares during the last quarter. Institutional investors own 81.98% of the company's stock.

Ferguson Trading Down 1.1%

Shares of NYSE FERG opened at $238.08 on Friday. Ferguson plc has a twelve month low of $207.64 and a twelve month high of $271.64. The firm has a market cap of $46.17 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.69 and a beta of 1.15. The business has a fifty day simple moving average of $238.71 and a two-hundred day simple moving average of $240.14. 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 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 business had revenue of $7.47 billion for the quarter. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.Ferguson's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.50 EPS. Analysts expect that Ferguson plc will post 11.26 earnings per share for the current fiscal year.

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

Ferguson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Friday, May 15th will be issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, May 15th. Ferguson's dividend payout ratio is presently 41.40%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Royal Bank Of Canada lifted their target price on Ferguson from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Weiss Ratings cut shares of Ferguson from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 20th. Citigroup reaffirmed a "neutral" rating on shares of Ferguson in a research note on Wednesday, May 6th. Barclays lifted their price objective on shares of Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Finally, Wells Fargo & Company boosted their price objective on shares of Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $277.58.

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.

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