OLD National Bancorp IN Buys New Stake in Ferguson plc $FERG

Key Points

• OLD National Bancorp IN has acquired a new stake in Ferguson plc, purchasing 1,143 shares valued at approximately $249,000.
• Institutional investors currently own 81.98% of Ferguson's stock, with notable increases by significant funds like Vanguard Group Inc. and Price T Rowe Associates Inc..
• Research analysts have raised Ferguson's price targets, with firms like Truist Financial setting a new objective at $260.00 and Goldman Sachs issuing a $280.00 target, alongside a general rating of "Moderate Buy."

OLD National Bancorp IN bought a new stake in shares of Ferguson plc (NYSE:FERG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,143 shares of the company's stock, valued at approximately $249,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Ferguson by 4.4% during 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 increased its holdings in 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 buying an additional 1,506,024 shares in the last quarter. Invesco Ltd. increased its holdings in 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 buying an additional 827,355 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Ferguson by 65.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,454,467 shares of the company's stock valued at $713,740,000 after buying an additional 1,755,464 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in Ferguson by 101.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,165,873 shares of the company's stock valued at $667,498,000 after buying an additional 2,094,029 shares in the last quarter. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on FERG. Truist Financial lifted their price objective on shares of Ferguson from $240.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Zacks Research raised shares of Ferguson to a "hold" rating in a report on Friday, August 8th. The Goldman Sachs Group began coverage on shares of Ferguson in a report on Wednesday, June 18th. They issued a "buy" rating and a $280.00 price objective for the company. Wall Street Zen raised shares of Ferguson from a "hold" rating to a "buy" rating in a report on Saturday, October 4th. Finally, Robert W. Baird lifted their price objective on shares of Ferguson from $260.00 to $262.00 and gave the company an "outperform" rating in a report on Wednesday, September 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.71.

Ferguson Trading Up 1.6%

Shares of NYSE FERG opened at $234.69 on Thursday. Ferguson plc has a 12-month low of $146.00 and a 12-month high of $243.40. The stock has a market cap of $46.03 billion, a PE ratio of 25.13, a PEG ratio of 1.90 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.94 and a current ratio of 1.68. The company's 50-day simple moving average is $228.68.

Ferguson (NYSE:FERG - Get Free Report) last announced its quarterly earnings data on Tuesday, September 16th. The company reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.48. Ferguson had a net margin of 6.03% and a return on equity of 35.21%. The company had revenue of $8.50 billion during the quarter, compared to analysts' expectations of $8.44 billion.

Ferguson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Friday, September 26th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, September 26th. Ferguson's dividend payout ratio is currently 35.55%.

About Ferguson

Ferguson Enterprises Inc distributes plumbing and heating products in North America. The company provides expertise, solutions, and products, including infrastructure, plumbing, appliances, fire, and fabrication, as well as heating, ventilation, and air conditioning (HVAC) to residential and non-residential customers.

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