Northern Trust Corp Reduces Position in Ferguson plc $FERG

Key Points

• Northern Trust Corp reduced its holdings in Ferguson plc by 14.1% in the first quarter, now owning approximately 1,427,398 shares valued at $228.7 million.
• Several hedge funds have increased their stakes in Ferguson, with Vanguard Group growing its holdings by 4.4% and Bank of New York Mellon increasing by 24.5%.
• Ferguson has received positive analyst ratings, with target prices reaching up to $235.00 and a consensus rating of "Moderate Buy" based on average price targets.

Northern Trust Corp decreased its holdings in shares of Ferguson plc (NASDAQ:FERG - Free Report) by 14.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,427,398 shares of the company's stock after selling 234,198 shares during the quarter. Northern Trust Corp owned about 0.71% of Ferguson worth $228,712,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Ferguson by 4.4% in the first quarter. Vanguard Group Inc. now owns 19,168,743 shares of the company's stock valued at $3,071,408,000 after purchasing an additional 806,718 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Ferguson by 24.5% in the first quarter. Bank of New York Mellon Corp now owns 7,660,299 shares of the company's stock valued at $1,227,410,000 after purchasing an additional 1,506,024 shares during the period. Invesco Ltd. grew its holdings in shares of Ferguson by 13.8% in the first quarter. Invesco Ltd. now owns 6,818,800 shares of the company's stock valued at $1,092,576,000 after purchasing an additional 827,355 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Ferguson by 1.3% in the fourth quarter. Janus Henderson Group PLC now owns 4,935,419 shares of the company's stock valued at $856,746,000 after purchasing an additional 62,887 shares during the period. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Ferguson by 29.6% in the first quarter. Pictet Asset Management Holding SA now owns 3,635,707 shares of the company's stock valued at $582,452,000 after purchasing an additional 831,112 shares during the period. Hedge funds and other institutional investors own 81.98% of the company's stock.

Analysts Set New Price Targets

FERG has been the subject of a number of analyst reports. Berenberg Bank reissued a "hold" rating and issued a $215.00 price objective on shares of Ferguson in a report on Thursday, June 5th. Royal Bank Of Canada increased their target price on shares of Ferguson from $189.00 to $231.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Oppenheimer increased their target price on shares of Ferguson from $189.00 to $235.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Morgan Stanley reaffirmed an "overweight" rating and set a $220.00 target price (up previously from $195.00) on shares of Ferguson in a research note on Monday, June 9th. Finally, Truist Financial reaffirmed a "buy" rating and set a $230.00 target price on shares of Ferguson in a research note on Wednesday, June 4th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Ferguson presently has an average rating of "Moderate Buy" and an average price target of $220.64.

Ferguson Stock Down 0.6%

Shares of FERG opened at $229.0970 on Friday. The stock has a market capitalization of $45.17 billion, a PE ratio of 27.50, a P/E/G ratio of 1.69 and a beta of 1.16. Ferguson plc has a 1 year low of $146.00 and a 1 year high of $235.12. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.91 and a current ratio of 1.68. The company's 50-day simple moving average is $222.30 and its 200-day simple moving average is $190.77.

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

Ferguson Announces Dividend

The firm 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. This represents a $3.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, June 20th. Ferguson's dividend payout ratio is currently 41.40%.

Ferguson Company Profile

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.

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