Ferguson plc $FERG Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. cut its holdings in shares of Ferguson plc (NYSE:FERG) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,911 shares of the company’s stock after selling 3,223 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Ferguson were worth $14,268,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Central Pacific Bank Trust Division acquired a new position in Ferguson during the fourth quarter worth about $27,000. Strategic Investment Solutions Inc. IL acquired a new position in Ferguson during the third quarter worth about $28,000. Cornerstone Planning Group LLC boosted its position in Ferguson by 178.3% during the third quarter. Cornerstone Planning Group LLC now owns 128 shares of the company’s stock worth $31,000 after acquiring an additional 82 shares during the last quarter. Grove Bank & Trust boosted its position in Ferguson by 154.4% during the fourth quarter. Grove Bank & Trust now owns 145 shares of the company’s stock worth $32,000 after acquiring an additional 88 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in Ferguson during the third quarter worth about $34,000. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group lifted their target price on shares of Ferguson from $220.00 to $252.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada lifted their target price on shares of Ferguson from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Truist Financial lifted their target price 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. Jefferies Financial Group reaffirmed a “buy” rating and set a $300.00 target price on shares of Ferguson in a research note on Tuesday, February 24th. Finally, Barclays lifted their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.73.

Ferguson Price Performance

Shares of FERG stock opened at $225.04 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.88 and a quick ratio of 1.01. The firm’s 50-day moving average is $240.37 and its two-hundred day moving average is $243.12. Ferguson plc has a 12 month low of $176.26 and a 12 month high of $271.64. The company has a market capitalization of $43.64 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.57 and a beta of 1.23.

Ferguson (NYSE:FERG) last released its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.14. The business had revenue of $7.47 billion for the quarter. Ferguson had a net margin of 6.98% and a return on equity of 38.92%. Ferguson’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $2.50 earnings per share. Analysts predict that Ferguson plc will post 11.25 earnings per share for the current year.

Ferguson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th will be paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, May 15th. Ferguson’s payout ratio is 41.40%.

Ferguson announced that its board has initiated a share repurchase plan on Tuesday, May 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Ferguson Company 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.