Inspire Trust Co. N.A. Boosts Position in Ferguson plc $FERG

Key Points

• Inspire Trust Co. N.A. has increased its holdings in Ferguson plc by 41.2% during the 1st quarter, now owning a total of 24,000 shares valued at approximately $3.85 million.
• Ferguson's stock has received several upgrades from analysts, with price targets increased to as high as $280.00, reflecting positive sentiments about the company.
• The company reported $2.50 earnings per share for the last quarter, surpassing analysts' expectations, and announced a quarterly dividend of $0.83 per share, yielding 1.4% annually.

Inspire Trust Co. N.A. raised its position in shares of Ferguson plc (NASDAQ:FERG - Free Report) by 41.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,000 shares of the company's stock after buying an additional 7,000 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Ferguson were worth $3,846,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FERG. Sagespring Wealth Partners LLC purchased a new stake in shares of Ferguson during the fourth quarter valued at about $239,000. Bridgewater Associates LP raised its position in shares of Ferguson by 281.5% in the 4th quarter. Bridgewater Associates LP now owns 3,956 shares of the company's stock valued at $687,000 after purchasing an additional 2,919 shares during the last quarter. Gabelli Funds LLC purchased a new position in shares of Ferguson in the 4th quarter valued at approximately $269,000. United Capital Financial Advisors LLC raised its position in shares of Ferguson by 1.8% in the 4th quarter. United Capital Financial Advisors LLC now owns 55,932 shares of the company's stock valued at $9,708,000 after purchasing an additional 1,000 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Ferguson by 6.7% in the 4th quarter. NewEdge Advisors LLC now owns 2,284 shares of the company's stock valued at $397,000 after purchasing an additional 144 shares during the last quarter. 81.98% of the stock is owned by hedge funds and other institutional investors.

Ferguson Price Performance

Ferguson stock traded up $1.6750 during trading on Tuesday, reaching $232.7850. The company had a trading volume of 403,392 shares, compared to its average volume of 1,712,069. The firm's 50-day simple moving average is $221.34 and its 200 day simple moving average is $189.89. Ferguson plc has a 1-year low of $146.00 and a 1-year high of $235.12. The firm has a market capitalization of $45.90 billion, a PE ratio of 27.91, a price-to-earnings-growth ratio of 1.69 and a beta of 1.16. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.91 and a current ratio of 1.68.

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

Ferguson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 6th. Shareholders of record on Friday, June 20th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, June 20th. Ferguson's payout ratio is 41.40%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Ferguson in a research report on Wednesday, June 18th. They issued a "buy" rating and a $280.00 price objective for the company. Barclays increased their price target on shares of Ferguson from $190.00 to $247.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Oppenheimer increased their price target on shares of Ferguson from $189.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Wells Fargo & Company increased their price target on shares of Ferguson from $230.00 to $250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial reiterated a "buy" rating and issued a $230.00 price target on shares of Ferguson in a report on Wednesday, June 4th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $220.64.

About Ferguson

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.