Manchester Global Management UK Ltd Has $61.36 Million Holdings in Ferguson plc $FERG

Key Points

• Manchester Global Management UK Ltd increased its Ferguson stake by 31.2% in the fourth quarter, lifting its holdings to 275,616 shares valued at about $61.36 million. Ferguson is now the fund’s second-largest holding, making up 8.3% of its portfolio.
• Ferguson reported stronger-than-expected quarterly results, with EPS of $2.28 beating estimates by $0.14 and revenue rising 3.6% year over year to $7.47 billion. Analysts still expect full-year EPS of 11.26.
• The company also announced a $2.0 billion share repurchase plan and a quarterly dividend of $0.89 per share, or $3.56 annualized for a 1.5% yield. Analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $277.77.

Manchester Global Management UK Ltd raised its position in shares of Ferguson plc (NYSE:FERG - Free Report) by 31.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 275,616 shares of the company's stock after purchasing an additional 65,467 shares during the quarter. Ferguson accounts for about 8.3% of Manchester Global Management UK Ltd's investment portfolio, making the stock its 2nd biggest holding. Manchester Global Management UK Ltd owned 0.14% of Ferguson worth $61,360,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC increased its stake in Ferguson by 1.1% during the 4th quarter. Signaturefd LLC now owns 3,979 shares of the company's stock valued at $886,000 after purchasing an additional 44 shares in the last quarter. Simplicity Wealth LLC grew its stake in shares of Ferguson by 1.6% in the fourth quarter. Simplicity Wealth LLC now owns 3,132 shares of the company's stock worth $697,000 after acquiring an additional 48 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Ferguson by 2.9% in the fourth quarter. Sivia Capital Partners LLC now owns 1,685 shares of the company's stock worth $375,000 after acquiring an additional 48 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Ferguson by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 690 shares of the company's stock worth $150,000 after acquiring an additional 48 shares during the period. Finally, REAP Financial Group LLC grew its stake in shares of Ferguson by 13.4% in the fourth quarter. REAP Financial Group LLC now owns 431 shares of the company's stock worth $96,000 after acquiring an additional 51 shares during the period. 81.98% of the stock is currently owned by institutional investors.

Ferguson Price Performance

Shares of NYSE:FERG opened at $234.94 on Wednesday. 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 plc has a 1-year low of $207.64 and a 1-year high of $271.64. The company has a market capitalization of $45.56 billion, a P/E ratio of 27.32, a P/E/G ratio of 1.67 and a beta of 1.15. The firm's 50 day simple moving average is $240.99 and its two-hundred day simple moving average is $240.86.

Ferguson (NYSE:FERG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.14. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The business had revenue of $7.47 billion for the quarter. During the same period in the prior year, the firm earned $2.50 EPS. Ferguson's revenue for the quarter was up 3.6% compared to the same quarter last year. Research analysts expect that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 5th that permits the company to buyback $2.00 billion in outstanding 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 a sign that the company's board of directors believes its shares are undervalued.

Ferguson Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Barclays lifted their price target on shares of Ferguson from $295.00 to $297.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Wells Fargo & Company lifted their price target on shares of Ferguson from $260.00 to $285.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Truist Financial lifted their price target on shares of Ferguson from $260.00 to $300.00 and gave the stock a "buy" rating in a research note on Wednesday, February 25th. Weiss Ratings lowered shares of Ferguson from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 20th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $300.00 price target on shares of Ferguson in a research note on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Ferguson presently has an average rating of "Moderate Buy" and a consensus target price of $277.77.

Ferguson Profile

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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