Eminence Capital LP Reduces Stock Position in Ferguson plc $FERG

Key Points

• Eminence Capital LP reduced its stake in Ferguson plc by 5.6%, owning approximately 734,258 shares worth $117.65 million, making it the 24th largest position in their portfolio.
• Ferguson plc has received various price target increases from analysts, with Barclays raising its target from $190 to $247, and overall has an average price target of $220.64 with ten analysts rating it a Buy.
• The company's recent financial performance showed earnings per share of $2.50 for the quarter, surpassing estimates and reflecting a 4.3% increase in revenue from the previous year.

Eminence Capital LP trimmed its holdings in Ferguson plc (NASDAQ:FERG - Free Report) by 5.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 734,258 shares of the company's stock after selling 43,707 shares during the period. Ferguson accounts for approximately 2.0% of Eminence Capital LP's holdings, making the stock its 24th largest holding. Eminence Capital LP owned approximately 0.37% of Ferguson worth $117,650,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Grove Bank & Trust lifted its stake in shares of Ferguson by 247.4% in the 1st quarter. Grove Bank & Trust now owns 198 shares of the company's stock valued at $32,000 after purchasing an additional 141 shares in the last quarter. Whipplewood Advisors LLC lifted its stake in shares of Ferguson by 166.7% in the 1st quarter. Whipplewood Advisors LLC now owns 208 shares of the company's stock valued at $33,000 after purchasing an additional 130 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Ferguson by 56.5% in the 1st quarter. TD Private Client Wealth LLC now owns 205 shares of the company's stock valued at $33,000 after purchasing an additional 74 shares in the last quarter. Brooklyn Investment Group lifted its stake in shares of Ferguson by 103.6% in the 1st quarter. Brooklyn Investment Group now owns 226 shares of the company's stock valued at $36,000 after purchasing an additional 115 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Ferguson in the 1st quarter valued at about $43,000. 81.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted 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. Berenberg Bank reaffirmed a "hold" rating and issued a $215.00 price objective on shares of Ferguson in a research note on Thursday, June 5th. UBS Group lifted their price objective on Ferguson from $173.00 to $204.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Oppenheimer lifted their price objective on Ferguson from $189.00 to $235.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Finally, The Goldman Sachs Group assumed coverage on Ferguson in a research note on Wednesday, June 18th. They issued a "buy" rating and a $280.00 price objective on the stock. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $221.00.

Ferguson Stock Down 0.4%

Shares of NASDAQ:FERG traded down $0.94 during mid-day trading on Monday, hitting $237.40. 1,450,019 shares of the company traded hands, compared to its average volume of 1,684,477. The firm has a market cap of $46.81 billion, a P/E ratio of 28.50, a PEG ratio of 1.69 and a beta of 1.15. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.91 and a current ratio of 1.68. Ferguson plc has a 52-week low of $146.00 and a 52-week high of $243.40. The firm's 50 day simple moving average is $226.21 and its 200 day simple moving average is $194.85.

About Ferguson

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.