Parnassus Investments LLC Sells 273,039 Shares of Ferguson plc $FERG

Key Points

• Parnassus Investments LLC has reduced its stake in Ferguson plc by 7.7%, selling 273,039 shares to hold 3,264,116 shares valued at approximately $523 million as of the last quarter.
• Several analysts have maintained a buy rating on Ferguson's stock with price targets ranging from $220 to $280, indicating strong confidence in the company's future performance.
• Ferguson reported a 4.3% increase in revenue year-over-year in its recent quarterly earnings, surpassing expectations with an earnings per share of $2.50.

Parnassus Investments LLC cut its stake in Ferguson plc (NASDAQ:FERG - Free Report) by 7.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,264,116 shares of the company's stock after selling 273,039 shares during the period. Parnassus Investments LLC owned about 1.63% of Ferguson worth $523,009,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Ferguson by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 19,168,743 shares of the company's stock valued at $3,071,408,000 after purchasing an additional 806,718 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Ferguson by 24.5% in the first quarter. Bank of New York Mellon Corp now owns 7,660,299 shares of the company's stock worth $1,227,410,000 after buying an additional 1,506,024 shares in the last quarter. Invesco Ltd. grew its position in Ferguson by 13.8% during the first quarter. Invesco Ltd. now owns 6,818,800 shares of the company's stock valued at $1,092,576,000 after acquiring an additional 827,355 shares during the last quarter. Janus Henderson Group PLC boosted its stake 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 grew its holdings in shares of Ferguson by 65.0% during 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 during the last quarter. Institutional investors own 81.98% of the company's stock.

Ferguson Stock Down 0.7%

Ferguson stock traded down $1.61 during trading hours on Tuesday, hitting $229.54. 1,310,015 shares of the stock traded hands, compared to its average volume of 1,678,691. Ferguson plc has a one year low of $146.00 and a one year high of $238.16. The firm's 50-day moving average price is $224.98 and its two-hundred day moving average price is $193.41. The company has a current ratio of 1.68, a quick ratio of 0.91 and a debt-to-equity ratio of 0.83. The company has a market cap of $45.26 billion, a PE ratio of 27.56, a PEG ratio of 1.69 and a beta of 1.15.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on FERG. Oppenheimer lifted their price objective on Ferguson from $189.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. UBS Group lifted their price target on Ferguson from $173.00 to $204.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. increased their price objective on Ferguson from $200.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Royal Bank Of Canada lifted their target price 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. Finally, Morgan Stanley reissued an "overweight" rating and set a $220.00 price target (up previously from $195.00) on shares of Ferguson in a research report on Monday, June 9th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $220.64.

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.