Bank of New York Mellon Corp Has $1.36 Billion Stake in Ferguson plc $FERG

Bank of New York Mellon Corp trimmed its stake in Ferguson plc (NYSE:FERG) by 6.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,093,066 shares of the company’s stock after selling 425,374 shares during the quarter. Bank of New York Mellon Corp owned about 3.12% of Ferguson worth $1,356,499,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in Ferguson in the fourth quarter worth approximately $498,005,000. Durable Capital Partners LP bought a new position in shares of Ferguson in the 3rd quarter worth $244,561,000. Qube Research & Technologies Ltd grew its position in Ferguson by 588.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,087,523 shares of the company’s stock valued at $244,236,000 after purchasing an additional 929,475 shares during the period. Wellington Management Group LLP grew its position in Ferguson by 22.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,734,911 shares of the company’s stock valued at $838,786,000 after purchasing an additional 682,666 shares during the period. Finally, 59 North Capital Management LP increased its stake in Ferguson by 114.7% during the 3rd quarter. 59 North Capital Management LP now owns 1,255,137 shares of the company’s stock valued at $281,879,000 after purchasing an additional 670,473 shares in the last quarter. 81.98% of the stock is owned by institutional investors.

Ferguson Price Performance

Ferguson stock opened at $227.43 on Wednesday. Ferguson plc has a 52 week low of $200.96 and a 52 week high of $271.64. The company’s 50 day moving average price is $240.66 and its two-hundred day moving average price is $241.79. The stock has a market cap of $44.11 billion, a P/E ratio of 26.45, a P/E/G ratio of 1.59 and a beta of 1.15. The company has a quick ratio of 0.96, a current ratio of 1.78 and a debt-to-equity ratio of 0.68.

Ferguson (NYSE:FERG) last released its earnings results on Tuesday, May 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter. During the same period in the prior year, the company earned $2.50 earnings per share. The business’s revenue 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 year.

Ferguson announced that its board has approved a share repurchase 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Ferguson Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Oppenheimer raised their price objective on shares of Ferguson from $255.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Wells Fargo & Company upped their target price on shares of Ferguson from $260.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $300.00 price target on shares of Ferguson in a research report on Tuesday, February 24th. UBS Group lifted their price target on Ferguson from $220.00 to $252.00 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Finally, Citigroup reissued a “neutral” rating on shares of Ferguson in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $269.73.

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.