Parnassus Investments LLC Sells 116,940 Shares of Ferguson plc $FERG

Parnassus Investments LLC trimmed its position in Ferguson plc (NYSE:FERG) by 3.7% during the third quarter, HoldingsChannel.com reports. The fund owned 3,025,659 shares of the company’s stock after selling 116,940 shares during the period. Ferguson makes up approximately 1.6% of Parnassus Investments LLC’s investment portfolio, making the stock its 24th biggest holding. Parnassus Investments LLC’s holdings in Ferguson were worth $679,502,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in Ferguson by 96.1% during the first quarter. Empowered Funds LLC now owns 29,251 shares of the company’s stock worth $4,687,000 after acquiring an additional 14,338 shares in the last quarter. Nordea Investment Management AB grew its stake in Ferguson by 68.9% in the 2nd quarter. Nordea Investment Management AB now owns 239,783 shares of the company’s stock valued at $52,230,000 after buying an additional 97,791 shares during the last quarter. Perpetual Ltd raised its holdings in shares of Ferguson by 52.5% during the 3rd quarter. Perpetual Ltd now owns 589,953 shares of the company’s stock worth $132,492,000 after buying an additional 203,065 shares in the last quarter. Mariner Investment Group LLC acquired a new position in shares of Ferguson in the 2nd quarter worth approximately $3,266,000. Finally, Canoe Financial LP boosted its holdings in Ferguson by 141.0% in the second quarter. Canoe Financial LP now owns 4,938 shares of the company’s stock worth $1,075,000 after acquiring an additional 2,889 shares in the last quarter. Institutional investors and hedge funds own 81.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Morgan Stanley reiterated an “overweight” rating on shares of Ferguson in a research report on Tuesday. Barclays dropped their target price on shares of Ferguson from $273.00 to $267.00 and set an “overweight” rating for the company in a research report on Wednesday, December 10th. UBS Group lowered their price objective on shares of Ferguson from $225.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, December 10th. Jefferies Financial Group upped their target price on Ferguson from $268.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Ferguson in a research report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $252.31.

Ferguson Price Performance

Shares of FERG stock opened at $238.54 on Friday. The stock has a fifty day simple moving average of $237.17 and a two-hundred day simple moving average of $231.96. The stock has a market capitalization of $46.65 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 1.89 and a beta of 1.18. The company has a current ratio of 1.88, a quick ratio of 1.01 and a debt-to-equity ratio of 0.68. Ferguson plc has a twelve month low of $146.00 and a twelve month high of $256.93.

Ferguson (NYSE:FERG) last posted its earnings results on Tuesday, December 9th. The company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.07. The firm had revenue of $8.17 billion for the quarter. Ferguson had a return on equity of 35.73% and a net margin of 6.28%.Ferguson’s revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.45 EPS.

Ferguson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, January 2nd will be paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, January 2nd. This is an increase from Ferguson’s previous quarterly dividend of $0.83. Ferguson’s payout ratio is currently 35.96%.

Insider Buying and Selling

In other news, insider Ian T. Graham sold 4,864 shares of the firm’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $233.22, for a total value of $1,134,382.08. Following the sale, the insider directly owned 7,769 shares in the company, valued at approximately $1,811,886.18. This trade represents a 38.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Brundage sold 3,000 shares of the company’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $233.32, for a total transaction of $699,960.00. Following the transaction, the chief financial officer owned 52,631 shares in the company, valued at $12,279,864.92. The trade was a 5.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,264 shares of company stock worth $6,853,349 over the last three months. 0.18% of the stock is owned by insiders.

About Ferguson

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.