Cannon Global Investment Management LLC Buys Shares of 3,000 Ferguson plc $FERG

Cannon Global Investment Management LLC bought a new stake in Ferguson plc (NYSE:FERG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,000 shares of the company’s stock, valued at approximately $700,000. Ferguson makes up approximately 1.4% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 23rd largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Ferguson by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 19,418,334 shares of the company’s stock worth $4,323,104,000 after acquiring an additional 102,850 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Ferguson by 150.8% in the fourth quarter. Wellington Management Group LLP now owns 9,366,465 shares of the company’s stock worth $2,085,256,000 after purchasing an additional 5,631,554 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Ferguson by 7.8% during the fourth quarter. Janus Henderson Group PLC now owns 5,981,791 shares of the company’s stock worth $1,331,621,000 after purchasing an additional 434,650 shares during the period. State Street Corp grew its position in Ferguson by 1.8% during the fourth quarter. State Street Corp now owns 4,516,764 shares of the company’s stock valued at $1,005,567,000 after purchasing an additional 79,296 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Ferguson by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 4,393,603 shares of the company’s stock valued at $977,959,000 after buying an additional 25,785 shares during the period. Hedge funds and other institutional investors own 81.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FERG shares. Weiss Ratings lowered shares of Ferguson from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 20th. Royal Bank Of Canada raised their target price on Ferguson from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Ferguson from $260.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Citigroup restated a “neutral” rating on shares of Ferguson in a research note on Wednesday, May 6th. Finally, Barclays boosted their price objective on shares of Ferguson from $295.00 to $297.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Ferguson has a consensus rating of “Moderate Buy” and a consensus price target of $277.58.

Ferguson Price Performance

Shares of Ferguson stock opened at $238.08 on Friday. The stock has a market capitalization of $46.17 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 1.70 and a beta of 1.15. The firm’s 50-day moving average price is $238.71 and its two-hundred day moving average price is $240.14. The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 0.68. 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 results on Tuesday, May 5th. The company reported $2.28 earnings per share for the quarter, beating 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 firm had revenue of $7.47 billion during the quarter. During the same period in the prior year, the business earned $2.50 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities analysts predict that Ferguson plc will post 11.26 earnings per share for the current fiscal year.

Ferguson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, May 15th. Ferguson’s dividend payout ratio is presently 41.40%.

Ferguson declared that its board has initiated a stock repurchase program on Tuesday, May 5th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

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.