Edgestream Partners L.P. Makes New $7.46 Million Investment in Ferguson plc $FERG

Key Points

• Edgestream Partners acquired 31,973 Ferguson shares worth approximately $7.46 million in the first quarter, while institutional investors collectively own 81.98% of the company.
• Ferguson exceeded quarterly earnings expectations, reporting $2.28 in EPS versus the $2.14 consensus and $7.47 billion in revenue, up 3.6% year over year.
• The company authorized a $2 billion share buyback, covering up to 3.9% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $277.21, above the reported $226.74 share price.

Edgestream Partners L.P. purchased a new stake in shares of Ferguson plc (NYSE:FERG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,973 shares of the company's stock, valued at approximately $7,458,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FERG. Janus Henderson Group PLC increased its stake in shares of Ferguson by 2.1% in the first quarter. Janus Henderson Group PLC now owns 6,107,108 shares of the company's stock worth $1,424,075,000 after purchasing an additional 125,317 shares during the period. Bull Harbor Capital LLC bought a new stake in Ferguson during the 1st quarter valued at approximately $434,000. Strategic Investment Advisors MI acquired a new stake in Ferguson in the 1st quarter valued at approximately $482,000. Amundi grew its holdings in Ferguson by 17.3% in the 1st quarter. Amundi now owns 1,321,070 shares of the company's stock valued at $308,198,000 after buying an additional 195,047 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Ferguson by 22.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,476 shares of the company's stock worth $811,000 after buying an additional 632 shares during the period. 81.98% of the stock is owned by institutional investors and hedge funds.

Ferguson Price Performance

Shares of Ferguson stock opened at $226.74 on Friday. The firm has a market cap of $43.97 billion, a P/E ratio of 26.37, a price-to-earnings-growth ratio of 1.60 and a beta of 1.13. The firm's 50-day simple moving average is $230.40 and its 200-day simple moving average is $240.56. Ferguson plc has a twelve month low of $207.64 and a twelve month high of $271.64. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.96 and a current ratio of 1.78.

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 the consensus estimate of $2.14 by $0.14. The firm had revenue of $7.47 billion during the quarter. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The business's revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company earned $2.50 EPS. As a group, research analysts expect that Ferguson plc will post 11.25 EPS for the current fiscal year.

Ferguson declared that its board has approved a stock buyback program on Tuesday, May 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently commented on FERG. Barclays upped their price target on Ferguson from $295.00 to $297.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Zelman & Associates upgraded shares of Ferguson from a "hold" rating to an "outperform" rating and set a $285.00 price objective on the stock in a research note on Friday, July 17th. Royal Bank Of Canada boosted their target price on shares of Ferguson from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Wells Fargo & Company upped their target price on shares of Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Ferguson has an average rating of "Moderate Buy" and a consensus target price of $277.21.

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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