Geode Capital Management LLC Has $750.84 Million Holdings in Ferguson plc $FERG

Key Points

• Geode Capital Management slightly increased its Ferguson stake in the fourth quarter, holding 3.38 million shares valued at about $750.84 million and representing 1.73% of the company.
• Ferguson reported better-than-expected quarterly earnings of $2.28 per share on $7.47 billion in revenue, with revenue up 3.6% year over year. The company also guided analysts to expect 11.26 EPS for the current fiscal year.
• The board authorized a $2.0 billion share buyback and announced a quarterly dividend of $0.89 per share, or $3.56 annually, yielding 1.6%.

Geode Capital Management LLC boosted its stake in shares of Ferguson plc (NYSE:FERG - Free Report) by 0.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,382,738 shares of the company's stock after purchasing an additional 4,763 shares during the quarter. Geode Capital Management LLC owned 1.73% of Ferguson worth $750,840,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FERG. Durable Capital Partners LP acquired a new position in Ferguson during the 3rd quarter valued at $244,561,000. Qube Research & Technologies Ltd raised its stake in Ferguson by 588.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,087,523 shares of the company's stock valued at $244,236,000 after purchasing an additional 929,475 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Ferguson by 22.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,734,911 shares of the company's stock valued at $838,786,000 after buying an additional 682,666 shares in the last quarter. 59 North Capital Management LP raised its stake in shares of Ferguson by 114.7% in the 3rd quarter. 59 North Capital Management LP now owns 1,255,137 shares of the company's stock valued at $281,879,000 after buying an additional 670,473 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of Ferguson by 502.8% in the 3rd quarter. Voloridge Investment Management LLC now owns 765,725 shares of the company's stock valued at $171,967,000 after buying an additional 638,692 shares in the last quarter. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Ferguson Stock Down 0.3%

FERG opened at $225.88 on Friday. The firm's 50-day simple moving average is $240.53 and its 200-day simple moving average is $242.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.01 and a current ratio of 1.78. Ferguson plc has a twelve month low of $177.75 and a twelve month high of $271.64. The firm has a market cap of $43.81 billion, a price-to-earnings ratio of 26.27, a PEG ratio of 1.60 and a beta of 1.23.

Ferguson (NYSE:FERG - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share 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 business had revenue of $7.47 billion for the quarter. During the same period in the previous year, the company posted $2.50 EPS. The firm's revenue for the quarter was up 3.6% compared to the same quarter last year. Equities research analysts anticipate that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson announced that its board has authorized a stock buyback program on Tuesday, May 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Ferguson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $3.56 annualized dividend and a dividend yield of 1.6%. Ferguson's dividend payout ratio is presently 41.40%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FERG. UBS Group increased their price objective on shares of Ferguson from $220.00 to $252.00 and gave the company a "neutral" rating in a research note on Wednesday, February 25th. Royal Bank Of Canada increased their price objective on shares of Ferguson from $271.00 to $281.00 and gave the company an "outperform" rating in a research note on Wednesday, May 6th. Barclays increased 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. Jefferies Financial Group restated a "buy" rating and issued a $300.00 price objective on shares of Ferguson in a research note on Tuesday, February 24th. Finally, Citigroup restated a "neutral" rating on shares of Ferguson in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $269.73.

Ferguson Profile

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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