Fred Alger Management LLC Sells 57,890 Shares of Ferguson plc $FERG

Key Points

• Fred Alger Management LLC reduced its stake in Ferguson plc by 71.6%, now holding 22,907 shares valued at approximately $3.69 million after selling 57,890 shares.
• Vanguard Group and other institutional investors have increased their holdings in Ferguson, with Vanguard raising its stake by 4.4% to over 19 million shares worth approximately $3.07 billion.
• Wall Street analysts have a general positive outlook on Ferguson, with an average rating of "Moderate Buy" and a price target around $221.00, as several firms have raised their price targets recently.

Fred Alger Management LLC cut its holdings in shares of Ferguson plc (NASDAQ:FERG - Free Report) by 71.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,907 shares of the company's stock after selling 57,890 shares during the period. Fred Alger Management LLC's holdings in Ferguson were worth $3,689,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. ThornTree Capital Partners LP increased its stake in Ferguson by 27.2% in the 1st quarter. ThornTree Capital Partners LP now owns 74,667 shares of the company's stock valued at $11,964,000 after buying an additional 15,956 shares during the last quarter. Triavera Capital LLC increased its stake in Ferguson by 29.5% in the 1st quarter. Triavera Capital LLC now owns 50,459 shares of the company's stock valued at $8,085,000 after buying an additional 11,496 shares during the last quarter. Untitled Investments LP purchased a new stake in Ferguson in the 1st quarter valued at about $5,953,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Ferguson by 23.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,262 shares of the company's stock valued at $2,445,000 after buying an additional 2,940 shares during the last quarter. Finally, Concentric Capital Strategies LP purchased a new stake in Ferguson in the 1st quarter valued at about $1,362,000. 81.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on FERG. Truist Financial reiterated a "buy" rating and issued a $230.00 price objective on shares of Ferguson in a research note on Wednesday, June 4th. Barclays increased their price objective on shares of Ferguson from $190.00 to $247.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. UBS Group raised their price target on shares of Ferguson from $173.00 to $204.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Wells Fargo & Company raised their price target on shares of Ferguson from $230.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada raised their price target on shares of Ferguson from $189.00 to $231.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $221.00.

Ferguson Stock Performance

Shares of FERG stock traded down $14.49 during trading hours on Friday, hitting $211.23. 4,185,406 shares of the company were exchanged, compared to its average volume of 1,721,694. The firm has a fifty day simple moving average of $226.61 and a 200 day simple moving average of $196.33. The stock has a market capitalization of $41.65 billion, a price-to-earnings ratio of 25.36, a P/E/G ratio of 1.69 and a beta of 1.15. Ferguson plc has a 52-week low of $146.00 and a 52-week high of $243.40. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Friday, September 26th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $3.32 annualized dividend and a yield of 1.6%. Ferguson's dividend payout ratio (DPR) is 41.40%.

Ferguson 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.