Parnassus Investments LLC Sells 460,205 Shares of Ferguson plc $FERG

Parnassus Investments LLC lessened its holdings in Ferguson plc (NYSE:FERG) by 15.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,565,454 shares of the company’s stock after selling 460,205 shares during the period. Ferguson accounts for 1.5% of Parnassus Investments LLC’s holdings, making the stock its 28th biggest position. Parnassus Investments LLC owned about 1.31% of Ferguson worth $571,147,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Keel Point LLC bought a new stake in Ferguson in the 4th quarter valued at $218,000. IFM Investors Pty Ltd increased its position in Ferguson by 2.0% during the 4th quarter. IFM Investors Pty Ltd now owns 41,848 shares of the company’s stock worth $9,317,000 after buying an additional 801 shares during the period. GFI Investment Counsel Ltd. increased its position in Ferguson by 1.5% during the 4th quarter. GFI Investment Counsel Ltd. now owns 287,873 shares of the company’s stock worth $64,089,000 after buying an additional 4,363 shares during the period. Empowered Funds LLC increased its position in Ferguson by 45.7% during the 4th quarter. Empowered Funds LLC now owns 23,313 shares of the company’s stock worth $5,169,000 after buying an additional 7,315 shares during the period. Finally, Meeder Advisory Services Inc. increased its position in Ferguson by 22.4% during the 4th quarter. Meeder Advisory Services Inc. now owns 2,187 shares of the company’s stock worth $487,000 after buying an additional 400 shares during the period. Institutional investors own 81.98% of the company’s stock.

Ferguson Stock Up 1.3%

Shares of NYSE FERG opened at $227.40 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.96 and a current ratio of 1.78. Ferguson plc has a 52 week low of $207.64 and a 52 week high of $271.64. The stock has a market capitalization of $44.10 billion, a P/E ratio of 26.44, a PEG ratio of 1.59 and a beta of 1.15. The stock’s fifty day moving average is $241.17 and its 200 day moving average is $241.15.

Ferguson (NYSE:FERG) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.14. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.The company had revenue of $7.47 billion for the quarter. During the same quarter in the previous year, the business posted $2.50 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts forecast that Ferguson plc will post 11.26 earnings per share for the current fiscal year.

Ferguson declared that its Board of Directors has approved a share buyback program on Tuesday, May 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Ferguson Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on FERG. Wells Fargo & Company increased their price objective on Ferguson from $260.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada increased their price objective on Ferguson from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Weiss Ratings cut Ferguson from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 20th. Citigroup reiterated a “neutral” rating on shares of Ferguson in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $300.00 price objective on shares of Ferguson in a research report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Ferguson has a consensus rating of “Moderate Buy” and a consensus target price of $277.77.

Ferguson 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.