Kornitzer Capital Management Inc. KS Has $6.37 Million Stock Position in Ferguson plc $FERG

Key Points

• Kornitzer Capital Management boosted its Ferguson stake by 72.8% in the first quarter, bringing its holdings to 27,306 shares worth about $6.37 million.
• Institutional ownership remains very high, with hedge funds and asset managers owning 81.98% of Ferguson; meanwhile, analysts currently rate the stock a Moderate Buy with a consensus target price of $276.61.
• Ferguson reported solid quarterly results, beating EPS estimates with $2.28 per share, and also announced a $2 billion share repurchase plan plus a quarterly dividend of $0.89 per share.

Kornitzer Capital Management Inc. KS increased its stake in Ferguson plc (NYSE:FERG - Free Report) by 72.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,306 shares of the company's stock after purchasing an additional 11,500 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Ferguson were worth $6,369,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Ferguson by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 19,418,334 shares of the company's stock worth $4,323,104,000 after buying an additional 102,850 shares during the period. Wellington Management Group LLP raised its holdings in shares of Ferguson by 150.8% during the fourth 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. Janus Henderson Group PLC raised its holdings in shares of Ferguson by 7.8% during the fourth quarter. Janus Henderson Group PLC now owns 5,981,791 shares of the company's stock valued at $1,331,621,000 after acquiring an additional 434,650 shares during the period. State Street Corp lifted its position in shares of Ferguson by 1.8% in the 4th quarter. State Street Corp now owns 4,516,764 shares of the company's stock valued at $1,005,567,000 after acquiring an additional 79,296 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Ferguson by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 4,393,603 shares of the company's stock valued at $977,959,000 after acquiring an additional 25,785 shares in the last quarter. Institutional investors and hedge funds own 81.98% of the company's stock.

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Analyst Upgrades and Downgrades

Several research firms have weighed in on FERG. The Goldman Sachs Group cut shares of Ferguson from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Wells Fargo & Company increased their target price on Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Royal Bank Of Canada raised their target price on Ferguson from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Citigroup reiterated a "neutral" rating on shares of Ferguson in a report on Wednesday, May 6th. Finally, Barclays upped their price target on Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. One 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.61.

Ferguson Stock Up 1.4%

FERG traded up $3.23 on Friday, reaching $227.85. 1,257,084 shares of the company traded hands, compared to its average volume of 1,203,090. The stock's 50 day moving average price is $232.28 and its 200-day moving average price is $240.17. Ferguson plc has a 52-week low of $207.64 and a 52-week high of $271.64. The company has a market cap of $44.19 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.61 and a beta of 1.13. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96.

Ferguson (NYSE:FERG - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter. During the same quarter in the previous year, the company earned $2.50 EPS. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th were paid a $0.89 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.6%. Ferguson's dividend payout ratio is 41.40%.

Ferguson announced that its board has initiated a share repurchase plan on Tuesday, May 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management 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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