Empowered Funds LLC Purchases 5,122 Shares of Ferguson plc $FERG

Key Points

• Empowered Funds increased its Ferguson stake by 22% in the first quarter, purchasing 5,122 additional shares and bringing its holdings to 28,435 shares valued at approximately $6.63 million. Institutional investors own nearly 82% of Ferguson’s stock.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $277.21, despite Goldman Sachs downgrading the stock to “neutral” and cutting its target to $265.
• Ferguson reported quarterly EPS of $2.28, beating estimates of $2.14, while revenue rose 3.6% year over year to $7.47 billion. The company also authorized a $2 billion share-repurchase program covering up to 3.9% of outstanding shares.

Empowered Funds LLC lifted its position in Ferguson plc (NYSE:FERG - Free Report) by 22.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,435 shares of the company's stock after acquiring an additional 5,122 shares during the quarter. Empowered Funds LLC's holdings in Ferguson were worth $6,633,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Leonteq Securities AG purchased a new position in Ferguson during the 4th quarter valued at about $26,000. Basepoint Wealth LLC bought a new position in shares of Ferguson during the fourth quarter valued at approximately $26,000. Zions Bancorporation National Association UT boosted its stake in shares of Ferguson by 123.4% during the fourth quarter. Zions Bancorporation National Association UT now owns 143 shares of the company's stock valued at $32,000 after purchasing an additional 79 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in Ferguson during the third quarter valued at approximately $34,000. Finally, Cornerstone Planning Group LLC raised its stake in Ferguson by 53.9% in the fourth quarter. Cornerstone Planning Group LLC now owns 197 shares of the company's stock worth $44,000 after buying an additional 69 shares in the last quarter. 81.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FERG. The Goldman Sachs Group cut Ferguson from a "buy" rating to a "neutral" rating and dropped their target price for the company from $315.00 to $265.00 in a research report on Monday, July 6th. Weiss Ratings raised Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Zelman & Associates upgraded Ferguson from a "hold" rating to an "outperform" rating and set a $285.00 price objective for the company in a research note on Friday, July 17th. Wells Fargo & Company lifted their target price on Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Finally, Barclays increased their price target on shares of Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $277.21.

Ferguson Stock Up 3.6%

Ferguson stock opened at $234.49 on Friday. Ferguson plc has a 1-year low of $207.64 and a 1-year high of $271.64. The business has a fifty day moving average price of $230.62 and a 200-day moving average price of $240.52. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96. The stock has a market capitalization of $45.48 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 1.60 and a beta of 1.13.

Ferguson (NYSE:FERG - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.14. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.The company had revenue of $7.47 billion for the quarter. During the same period in the prior year, the company earned $2.50 earnings per share. The company's quarterly revenue was up 3.6% on a year-over-year basis. Equities research analysts forecast that Ferguson plc will post 11.25 EPS for the current fiscal year.

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

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