Ferguson plc $FERG Holdings Lowered by Atreides Management LP

Key Points

• Atreides Management LP has reduced its stake in Ferguson plc by 7.1%, now holding 280,079 shares worth approximately $44.88 million, ranking it as their 20th largest position.
• Several investors such as T. Rowe Price and Wellington Management significantly increased their holdings, with Wellington raising its position by 769.5%, indicating strong institutional interest in Ferguson.
• Ferguson reported a quarterly earnings per share of $2.50, exceeding analysts' estimates, while brokerage firms have adjusted their price targets, suggesting a moderate buy consensus with an average price target of $220.64.

Atreides Management LP decreased its holdings in Ferguson plc (NASDAQ:FERG - Free Report) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 280,079 shares of the company's stock after selling 21,497 shares during the quarter. Ferguson makes up approximately 1.4% of Atreides Management LP's holdings, making the stock its 20th largest holding. Atreides Management LP owned 0.14% of Ferguson worth $44,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of FERG. Vanguard Group Inc. lifted its position in Ferguson by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 19,168,743 shares of the company's stock worth $3,071,408,000 after acquiring an additional 806,718 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Ferguson by 24.5% in the 1st quarter. Bank of New York Mellon Corp now owns 7,660,299 shares of the company's stock valued at $1,227,410,000 after purchasing an additional 1,506,024 shares in the last quarter. Invesco Ltd. raised its position in shares of Ferguson by 13.8% in the 1st quarter. Invesco Ltd. now owns 6,818,800 shares of the company's stock valued at $1,092,576,000 after purchasing an additional 827,355 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Ferguson by 1.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,935,419 shares of the company's stock valued at $856,746,000 after purchasing an additional 62,887 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Ferguson by 65.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,454,467 shares of the company's stock valued at $713,740,000 after purchasing an additional 1,755,464 shares in the last quarter. Hedge funds and other institutional investors own 81.98% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Truist Financial reissued a "buy" rating and set a $230.00 price target on shares of Ferguson in a research report on Wednesday, June 4th. UBS Group upped their price target on Ferguson from $173.00 to $204.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada upped their price target on Ferguson from $189.00 to $231.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Oppenheimer upped their price objective on Ferguson from $189.00 to $235.00 and gave the stock 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 set a "buy" rating and a $280.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $221.00.

Ferguson Price Performance

FERG stock traded up $0.44 during trading hours on Friday, hitting $238.61. 1,861,085 shares of the stock traded hands, compared to its average volume of 1,685,823. The stock has a 50-day simple moving average of $226.21 and a 200 day simple moving average of $194.65. Ferguson plc has a one year low of $146.00 and a one year high of $243.40. The company has a market cap of $47.05 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.69 and a beta of 1.15. The company has a current ratio of 1.68, a quick ratio of 0.91 and a debt-to-equity ratio of 0.83.

Ferguson (NASDAQ:FERG - Get Free Report) last announced its earnings results on Tuesday, June 3rd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.44. Ferguson had a return on equity of 34.63% and a net margin of 5.68%.During the same quarter in the previous year, the company earned $2.32 earnings per share. Ferguson's revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts forecast that Ferguson plc will post 9.4 earnings per share for the current year.

Ferguson Company Profile

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.