Ferguson plc $FERG Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC reduced its holdings in Ferguson plc by 51.9%, selling 194,587 shares and holding a total of 180,120 shares worth approximately $28.9 million.
• Several research firms recently raised their target prices for Ferguson's stock, with Goldman Sachs rating it as a "buy" with a target of $280.00, while Barclays and JPMorgan Chase & Co. also increased their targets significantly.
• Ferguson recently announced a quarterly dividend of $0.83 per share, reflecting an annualized yield of 1.5% and a dividend payout ratio of 41.40%.

Lord Abbett & CO. LLC trimmed its stake in Ferguson plc (NASDAQ:FERG - Free Report) by 51.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 180,120 shares of the company's stock after selling 194,587 shares during the quarter. Lord Abbett & CO. LLC owned about 0.09% of Ferguson worth $28,861,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of FERG. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Ferguson by 14.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,782 shares of the company's stock valued at $928,000 after purchasing an additional 722 shares during the last quarter. Fiera Capital Corp raised its position in shares of Ferguson by 37.5% in the 1st quarter. Fiera Capital Corp now owns 13,042 shares of the company's stock worth $2,090,000 after buying an additional 3,559 shares during the period. Empower Advisory Group LLC acquired a new position in Ferguson in the first quarter valued at $843,000. Ground Swell Capital LLC purchased a new stake in Ferguson during the first quarter valued at about $299,000. Finally, Cambridge Investment Research Advisors Inc. grew its position in Ferguson by 24.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,393 shares of the company's stock valued at $544,000 after acquiring an additional 657 shares during the period. Institutional investors and hedge funds own 81.98% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FERG. Oppenheimer raised their price objective on Ferguson from $189.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Truist Financial restated a "buy" rating and issued a $230.00 price target on shares of Ferguson in a report on Wednesday, June 4th. UBS Group boosted their price objective on shares of Ferguson from $173.00 to $204.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Berenberg Bank reissued a "hold" rating and issued a $215.00 price objective on shares of Ferguson in a research report on Thursday, June 5th. Finally, The Goldman Sachs Group began coverage on shares of Ferguson in a report on Wednesday, June 18th. They set a "buy" rating and a $280.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Ferguson presently has a consensus rating of "Moderate Buy" and a consensus price target of $220.64.

Ferguson Stock Down 0.8%

Shares of NASDAQ FERG traded down $1.8330 during midday trading on Wednesday, reaching $230.5470. 899,896 shares of the company's stock were exchanged, compared to its average volume of 1,709,794. 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 plc has a 52-week low of $146.00 and a 52-week high of $235.12. The business's fifty day moving average price is $222.00 and its two-hundred day moving average price is $190.46. The stock has a market capitalization of $45.46 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.69 and a beta of 1.16.

Ferguson (NASDAQ:FERG - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.06 by $0.44. Ferguson had a return on equity of 34.63% and a net margin of 5.68%.During the same period in the prior year, the company earned $2.32 earnings per share. Ferguson's revenue for the quarter was up 4.3% on a year-over-year basis. Analysts forecast that Ferguson plc will post 9.4 EPS for the current year.

Ferguson Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 6th. Stockholders of record on Friday, June 20th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 1.4%. Ferguson's dividend payout ratio (DPR) is presently 41.40%.

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.