VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in Ferguson plc $FERG

Key Points

• Virginia Retirement Systems purchased 33,300 shares of Ferguson plc, totaling approximately $7.25 million, as part of its new investment strategy.
• Ferguson reported better-than-expected earnings with $3.48 per share, exceeding analysts' estimates by $0.48, alongside a revenue of $8.50 billion.
• Several analysts have set price targets for Ferguson, with the average being $240.80, reflecting a positive outlook on the stock amid institutional investor interest.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Ferguson plc (NYSE:FERG - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 33,300 shares of the company's stock, valued at approximately $7,251,000.

A number of other large investors have also recently made changes to their positions in the company. Cannon Global Investment Management LLC acquired a new stake in shares of Ferguson in the 2nd quarter valued at about $479,000. Nordea Investment Management AB raised its stake in Ferguson by 68.9% during the 2nd quarter. Nordea Investment Management AB now owns 239,783 shares of the company's stock valued at $52,230,000 after acquiring an additional 97,791 shares during the last quarter. Nexus Investment Management ULC raised its stake in Ferguson by 3.8% during the 2nd quarter. Nexus Investment Management ULC now owns 98,066 shares of the company's stock valued at $21,354,000 after acquiring an additional 3,585 shares during the last quarter. Harbour Investments Inc. raised its stake in Ferguson by 61.3% during the 2nd quarter. Harbour Investments Inc. now owns 242 shares of the company's stock valued at $53,000 after acquiring an additional 92 shares during the last quarter. Finally, Sagespring Wealth Partners LLC purchased a new stake in Ferguson during the 2nd quarter valued at approximately $476,000. 81.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on FERG shares. Morgan Stanley reaffirmed an "overweight" rating on shares of Ferguson in a research note on Wednesday, September 10th. Vertical Research started coverage on Ferguson in a research note on Monday. They set a "buy" rating and a $291.99 price objective for the company. Royal Bank Of Canada upped their price objective on Ferguson from $231.00 to $243.00 and gave the company an "outperform" rating in a research note on Wednesday, September 17th. JPMorgan Chase & Co. upped their price objective on Ferguson from $225.00 to $245.00 and gave the company an "overweight" rating in a research note on Wednesday, October 15th. Finally, Zacks Research raised Ferguson to a "hold" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $240.80.

Ferguson Trading Up 2.3%

Shares of FERG stock opened at $242.31 on Tuesday. The stock has a market cap of $47.49 billion, a P/E ratio of 25.94, a price-to-earnings-growth ratio of 1.95 and a beta of 1.17. The stock's 50 day simple moving average is $230.81. Ferguson plc has a 12-month low of $146.00 and a 12-month high of $243.40. The company has a current ratio of 1.68, a quick ratio of 0.94 and a debt-to-equity ratio of 0.64.

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

Ferguson Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Allison Stirrup sold 969 shares of the company's stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $234.23, for a total value of $226,968.87. Following the sale, the insider owned 5,058 shares in the company, valued at $1,184,735.34. This represents a 16.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James A. Paisley sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $236.97, for a total value of $710,910.00. Following the completion of the sale, the insider owned 2,211 shares in the company, valued at approximately $523,940.67. This represents a 57.57% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,264 shares of company stock worth $6,853,349. 0.18% of the stock is owned by insiders.

Ferguson Company Profile

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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