Envestnet Asset Management Inc. Reduces Stock Holdings in Ferguson plc $FERG

Key Points

• Envestnet Asset Management reduced its Ferguson stake by 1.7% in the second quarter, selling 14,474 shares and retaining 840,273 shares worth approximately $199.4 million. Institutional investors collectively own 81.98% of Ferguson.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $285.57, although Goldman Sachs downgraded the stock to “neutral” and lowered its target to $265.
• Ferguson shares opened at $219.90, below their 50- and 200-day moving averages, while the company reported quarterly EPS of $3.39, beating estimates, and declared a quarterly dividend of $0.89 per share.

Envestnet Asset Management Inc. cut its holdings in shares of Ferguson plc (NYSE:FERG - Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 840,273 shares of the company's stock after selling 14,474 shares during the period. Envestnet Asset Management Inc. owned approximately 0.43% of Ferguson worth $199,422,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in FERG. Jupiter Topco LLC bought a new position in shares of Ferguson in the second quarter valued at $1,789,368,000. Janus Henderson Group PLC grew its holdings in shares of Ferguson by 2.1% in the 1st quarter. Janus Henderson Group PLC now owns 6,107,108 shares of the company's stock worth $1,424,075,000 after acquiring an additional 125,317 shares during the last quarter. State Street Corp grew its holdings in shares of Ferguson by 1.1% in the 2nd quarter. State Street Corp now owns 4,619,995 shares of the company's stock worth $1,100,474,000 after acquiring an additional 48,544 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Ferguson by 0.6% during the fourth quarter. Franklin Resources Inc. now owns 4,393,603 shares of the company's stock worth $977,959,000 after purchasing an additional 25,785 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in shares of Ferguson by 9.2% during the first quarter. Pictet Asset Management Holding SA now owns 2,868,181 shares of the company's stock worth $668,809,000 after purchasing an additional 240,666 shares during the period. 81.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on FERG shares. Jefferies Financial Group set a $295.00 price objective on shares of Ferguson in a research note on Thursday, September 3rd. The Goldman Sachs Group downgraded shares of 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. Robert W. Baird boosted their price target on shares of Ferguson from $285.00 to $288.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Zelman & Associates upgraded shares of Ferguson from a "hold" rating to an "outperform" rating and set a $285.00 price target for the company in a research report on Friday, July 17th. Finally, Wolfe Research initiated coverage on shares of Ferguson in a research note on Tuesday, September 15th. They issued a "peer perform" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Ferguson currently has a consensus rating of "Moderate Buy" and an average target price of $285.57.

Ferguson Stock Down 0.6%

FERG stock opened at $219.90 on Friday. The company has a 50 day moving average of $232.73 and a two-hundred day moving average of $234.75. The company has a market cap of $42.54 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 1.53 and a beta of 1.13. Ferguson plc has a 12-month low of $212.13 and a 12-month high of $271.64. The company has a quick ratio of 0.93, a current ratio of 1.73 and a debt-to-equity ratio of 0.72.

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

Ferguson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Friday, August 21st will be issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 21st. Ferguson's payout ratio is currently 41.83%.

Insider Activity at Ferguson

In related news, insider Jake Schlicher sold 5,177 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $230.92, for a total value of $1,195,472.84. Following the completion of the sale, the insider owned 9,490 shares of the company's stock, valued at approximately $2,191,430.80. The trade was a 35.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.15% of the company's stock.

About Ferguson

Ferguson plc NYSE: FERG is a value-added distributor of plumbing and heating products, water and wastewater solutions, fire protection equipment, HVAC supplies, and related products. The company primarily serves professional contractors and other trade customers, helping them source products, obtain technical support, and manage projects through its distribution network and digital platforms.

Ferguson operates mainly in North America, with businesses serving residential and commercial construction, infrastructure, facilities maintenance, and industrial markets in the United States and Canada.

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