Socorro Asset Management LP Trims Stock Position in Ferguson plc $FERG

Socorro Asset Management LP trimmed its stake in shares of Ferguson plc (NYSE:FERG) by 7.9% in the first quarter, Holdings Channel reports. The fund owned 28,091 shares of the company’s stock after selling 2,416 shares during the period. Ferguson accounts for about 3.0% of Socorro Asset Management LP’s portfolio, making the stock its 20th biggest position. Socorro Asset Management LP’s holdings in Ferguson were worth $6,553,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Lazard Asset Management LLC raised its stake in shares of Ferguson by 109.9% during the first quarter. Lazard Asset Management LLC now owns 17,399 shares of the company’s stock worth $4,058,000 after purchasing an additional 9,108 shares during the last quarter. Cardiff Park Advisors LLC purchased a new position in Ferguson in the 1st quarter valued at $277,000. Weiss Asset Management LP acquired a new position in Ferguson in the 1st quarter valued at $580,000. OMERS ADMINISTRATION Corp lifted its stake in shares of Ferguson by 105.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,444 shares of the company’s stock worth $4,069,000 after acquiring an additional 8,951 shares during the period. Finally, Van Diest Capital LLC purchased a new stake in shares of Ferguson in the first quarter valued at about $236,000. Institutional investors and hedge funds own 81.98% of the company’s stock.

Ferguson Stock Performance

FERG opened at $233.79 on Tuesday. The stock has a market cap of $45.34 billion, a P/E ratio of 27.19, a P/E/G ratio of 1.63 and a beta of 1.13. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96. The stock’s 50 day simple moving average is $230.08 and its 200 day simple moving average is $240.59. Ferguson plc has a 1-year low of $207.64 and a 1-year high of $271.64.

Ferguson (NYSE:FERG) last released its quarterly earnings data 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. The firm had revenue of $7.47 billion during the quarter. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.50 earnings per share. As a group, equities analysts anticipate that Ferguson plc will post 11.3 EPS for the current fiscal year.

Ferguson announced that its Board of Directors has approved a share buyback plan on Tuesday, May 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Ferguson Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th were given a $0.89 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.5%. Ferguson’s dividend payout ratio (DPR) is currently 41.40%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays increased their price target on shares of Ferguson from $295.00 to $297.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. The Goldman Sachs Group cut Ferguson from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Wells Fargo & Company increased their target price on Ferguson from $260.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Weiss Ratings upgraded Ferguson from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Finally, Citigroup reiterated a “neutral” rating on shares of Ferguson in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $277.21.

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.