Ferguson plc $FERG Stock Holdings Decreased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its Ferguson stake by 6.3% in Q1, selling 385,882 shares and leaving it with 5.7 million shares worth about $1.33 billion.
• Wall Street sentiment is mixed: Goldman Sachs downgraded Ferguson to neutral and cut its target to $265, while the broader analyst consensus remains Moderate Buy with a $276.61 price target.
• Ferguson reported better-than-expected quarterly EPS of $2.28 on $7.47 billion in revenue, and it also announced a $2 billion share repurchase program along with a quarterly dividend of $0.89 per share.

Bank of New York Mellon Corp lowered its position in shares of Ferguson plc (NYSE:FERG - Free Report) by 6.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,707,184 shares of the company's stock after selling 385,882 shares during the quarter. Bank of New York Mellon Corp owned 2.94% of Ferguson worth $1,331,258,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Basepoint Wealth LLC purchased a new stake in shares of Ferguson in the fourth quarter valued at $26,000. Leonteq Securities AG purchased a new position in shares of Ferguson during the fourth quarter valued at $26,000. Central Pacific Bank Trust Division acquired a new position in Ferguson during the fourth quarter valued at $27,000. Strategic Investment Solutions Inc. IL acquired a new position in Ferguson during the third quarter valued at $28,000. Finally, Zions Bancorporation National Association UT lifted its stake in Ferguson by 123.4% in the 4th quarter. Zions Bancorporation National Association UT now owns 143 shares of the company's stock worth $32,000 after acquiring an additional 79 shares in the last quarter. Hedge funds and other institutional investors own 81.98% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. The Goldman Sachs Group cut Ferguson from a "buy" rating to a "neutral" rating and lowered their target price for the company from $315.00 to $265.00 in a research note on Monday, July 6th. Wells Fargo & Company increased their price target on shares of Ferguson from $260.00 to $285.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded shares of Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. Citigroup reaffirmed a "neutral" rating on shares of Ferguson in a research report on Wednesday, May 6th. Finally, Barclays upped their price objective on shares of Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned 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 $276.61.

Ferguson Stock Performance

FERG stock opened at $230.30 on Thursday. The company has a quick ratio of 0.96, a current ratio of 1.78 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $44.66 billion, a price-to-earnings ratio of 26.78, a P/E/G ratio of 1.66 and a beta of 1.13. Ferguson plc has a 12 month low of $207.64 and a 12 month high of $271.64. The firm has a 50 day moving average of $230.80 and a two-hundred day moving average of $240.32.

Ferguson (NYSE:FERG - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.14 by $0.14. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The company had revenue of $7.47 billion for the quarter. During the same quarter last year, the company earned $2.50 EPS. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that Ferguson plc will post 11.27 EPS for the current fiscal year.

Ferguson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Friday, May 15th were given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, May 15th. Ferguson's dividend payout ratio is presently 41.40%.

Ferguson announced that its Board of Directors has authorized 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 buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors 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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