Korea Investment CORP Has $28.50 Million Stock Position in Ferguson plc $FERG

Key Points

• Korea Investment Corp. reduced its Ferguson stake by 8.5% in the second quarter, selling 11,114 shares and retaining 120,077 shares worth approximately $28.5 million. Institutional investors and hedge funds collectively own 81.98% of the company.
• Analysts maintain a favorable outlook, with Ferguson receiving a “Moderate Buy” consensus rating and an average price target of $285.93, above its reported opening price of $242.36.
• Ferguson exceeded quarterly earnings expectations, reporting $3.39 in EPS versus a $3.23 consensus estimate. The company also declared a $0.89 quarterly dividend and has authorization to repurchase up to $2 billion of its shares.

Korea Investment CORP cut its stake in Ferguson plc (NYSE:FERG - Free Report) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,077 shares of the company's stock after selling 11,114 shares during the period. Korea Investment CORP owned 0.06% of Ferguson worth $28,498,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FERG. Wellington Management Group LLP lifted its position in shares of Ferguson by 150.8% during the 4th quarter. Wellington Management Group LLP now owns 9,366,465 shares of the company's stock valued at $2,085,256,000 after acquiring an additional 5,631,554 shares during the period. Norges Bank acquired a new stake in Ferguson in the fourth quarter worth $498,005,000. Durable Capital Partners LP bought a new stake in Ferguson in the third quarter valued at $244,561,000. Qube Research & Technologies Ltd increased its stake in Ferguson by 588.1% in the third 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 in the last quarter. Finally, Voloridge Investment Management LLC increased its stake in Ferguson by 502.8% in the third quarter. Voloridge Investment Management LLC now owns 765,725 shares of the company's stock valued at $171,967,000 after purchasing an additional 638,692 shares in the last quarter. Institutional investors and hedge funds own 81.98% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on FERG. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $261.00 price objective on shares of Ferguson in a research report on Tuesday. Barclays boosted their target price on Ferguson from $297.00 to $313.00 and gave the company an "overweight" rating in a research report on Tuesday, August 11th. Robert W. Baird upped their price target on Ferguson from $285.00 to $288.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Zelman & Associates upgraded Ferguson from a "hold" rating to an "outperform" rating and set a $285.00 price target on the stock in a report on Friday, July 17th. Finally, Royal Bank Of Canada raised their price objective on Ferguson from $281.00 to $290.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $285.93.

Ferguson Stock Performance

NYSE FERG opened at $242.36 on Friday. Ferguson plc has a 1 year low of $207.64 and a 1 year high of $271.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.73 and a quick ratio of 0.93. The firm has a market cap of $46.88 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.68 and a beta of 1.14. The company has a fifty day moving average price of $237.18 and a 200-day moving average price of $240.50.

Ferguson (NYSE:FERG - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $3.39 earnings per share for the quarter, beating analysts' consensus estimates of $3.23 by $0.16. Ferguson had a net margin of 6.82% and a return on equity of 37.24%. The company had revenue of $8.75 billion for the quarter. As a group, equities research analysts predict that Ferguson plc will post 11.42 EPS for the current fiscal year.

Ferguson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Friday, August 21st will be paid a $0.89 dividend. The ex-dividend date is Friday, August 21st. This represents a $3.56 annualized dividend and a yield of 1.5%. Ferguson's dividend payout ratio (DPR) is 41.83%.

Ferguson declared that its Board of Directors has authorized a share repurchase program on Tuesday, May 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership 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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