Livforsakringsbolaget Skandia Omsesidigt Sells 6,576 Shares of Ferguson plc $FERG

Key Points

• Livforsakringsbolaget Skandia Omsesidigt cut its Ferguson stake by 68% in the first quarter, selling 6,576 shares and leaving it with 3,100 shares worth about $724,000.
• Ferguson reported solid quarterly results, posting EPS of $2.28 versus the $2.14 consensus and revenue of $7.47 billion, while sell-side analysts now expect full-year EPS of 11.27.
• The company also returned cash to shareholders and expanded buybacks, paying a $0.89 quarterly dividend and authorizing a $2 billion share repurchase program, equal to up to 3.9% of its stock.

Livforsakringsbolaget Skandia Omsesidigt lessened its stake in Ferguson plc (NYSE:FERG - Free Report) by 68.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,100 shares of the company's stock after selling 6,576 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Ferguson were worth $724,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Leonteq Securities AG purchased a new position in shares of Ferguson during the fourth quarter worth approximately $26,000. Basepoint Wealth LLC purchased a new stake in Ferguson during the 4th quarter valued at $26,000. Central Pacific Bank Trust Division bought a new stake in Ferguson in the 4th quarter worth $27,000. Strategic Investment Solutions Inc. IL bought a new stake in Ferguson in the 3rd quarter worth $28,000. Finally, Grove Bank & Trust increased its position in shares of Ferguson by 154.4% in the fourth quarter. Grove Bank & Trust now owns 145 shares of the company's stock valued at $32,000 after acquiring an additional 88 shares during the period. 81.98% of the stock is owned by hedge funds and other institutional investors.

Ferguson Trading Down 1.9%

Shares of FERG opened at $230.30 on Thursday. Ferguson plc has a 1-year low of $207.64 and a 1-year high of $271.64. The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 0.68. The firm's 50-day moving average price is $230.80 and its 200-day moving average price is $240.32. The firm has a market capitalization of $44.66 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 1.66 and a beta of 1.13.

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

Ferguson Announces Dividend

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

Ferguson declared that its board has initiated a share repurchase program on Tuesday, May 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

FERG has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Ferguson from $260.00 to $285.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Barclays boosted their price target on Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a report on Friday, May 8th. The Goldman Sachs Group cut Ferguson from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $315.00 to $265.00 in a report on Monday, July 6th. Royal Bank Of Canada lifted their price objective on Ferguson from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings upgraded Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $276.61.

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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