Bank of New York Mellon Corp Sells 425,374 Shares of Ferguson plc $FERG

Bank of New York Mellon Corp trimmed its holdings in Ferguson plc (NYSE:FERG) by 6.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,093,066 shares of the company’s stock after selling 425,374 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ferguson were worth $1,356,499,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of FERG. Leonteq Securities AG bought a new position in shares of Ferguson in the fourth quarter worth $26,000. Basepoint Wealth LLC purchased a new position in shares of Ferguson in the fourth quarter valued at $26,000. Central Pacific Bank Trust Division bought a new stake in shares of Ferguson during the 4th quarter valued at $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in Ferguson during the 3rd quarter worth about $28,000. Finally, Cornerstone Planning Group LLC lifted its holdings in Ferguson by 178.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 128 shares of the company’s stock worth $31,000 after purchasing an additional 82 shares in the last quarter. Institutional investors own 81.98% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on FERG shares. Barclays lifted their target price on Ferguson from $295.00 to $297.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Truist Financial raised their price objective on shares of Ferguson from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Jefferies Financial Group reaffirmed a “buy” rating and set a $300.00 price objective on shares of Ferguson in a research note on Tuesday, February 24th. 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. Finally, Oppenheimer increased their target price on shares of Ferguson from $255.00 to $280.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.73.

Ferguson Stock Performance

NYSE FERG 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 has a fifty day moving average of $240.66 and a 200-day moving average of $241.79. The company has a market capitalization 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 debt-to-equity ratio of 0.68, a quick ratio of 0.96 and a current ratio of 1.78.

Ferguson (NYSE:FERG) last released its earnings results on Tuesday, May 5th. The company reported $2.28 EPS 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 business had revenue of $7.47 billion for the quarter. During the same period in the prior year, the company earned $2.50 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. As a group, equities research analysts predict that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, May 15th. This represents a $3.56 annualized dividend and a dividend yield of 1.6%. Ferguson’s dividend payout ratio is 41.40%.

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

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.