Cannon Global Investment Management LLC Makes New Investment in Ferguson plc $FERG

Cannon Global Investment Management LLC bought a new stake in Ferguson plc (NYSE:FERG) during the 1st quarter, Holdings Channel reports. The fund bought 3,000 shares of the company’s stock, valued at approximately $700,000. Ferguson accounts for about 1.4% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 23rd largest holding.

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

Ferguson Price Performance

FERG stock opened at $238.08 on Friday. The stock has a 50-day moving average price of $238.71 and a two-hundred day moving average price of $240.14. The stock has a market cap of $46.17 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.70 and a beta of 1.15. 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 posted its quarterly earnings data on Tuesday, May 5th. The company reported $2.28 earnings per share (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 business had revenue of $7.47 billion during the quarter. During the same quarter in the previous year, the business posted $2.50 earnings per share. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities analysts forecast that Ferguson plc will post 11.26 EPS for the current fiscal year.

Ferguson announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Ferguson Announces Dividend

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

Analyst Ratings Changes

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

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.