Ferguson (NYSE:FERG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Ferguson (NYSE:FERG) had its price objective hoisted by stock analysts at Wells Fargo & Company from $285.00 to $295.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 11.84% from the stock’s current price.

A number of other equities analysts have also weighed in on FERG. Weiss Ratings upgraded Ferguson from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Barclays reissued an “overweight” rating and set a $313.00 price objective on shares of Ferguson in a report on Tuesday. Robert W. Baird upped their price objective on shares of Ferguson from $285.00 to $288.00 and gave the stock an “outperform” rating in a research report on Tuesday. Oppenheimer reissued an “outperform” rating on shares of Ferguson in a report on Tuesday. Finally, The Goldman Sachs Group cut shares of Ferguson from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $315.00 to $265.00 in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $280.71.

Ferguson Stock Up 2.8%

Shares of NYSE:FERG opened at $263.76 on Tuesday. The firm has a fifty day moving average price of $234.16 and a two-hundred day moving average price of $240.89. The company has a market cap of $51.15 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 1.82 and a beta of 1.14. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96. Ferguson has a one year low of $207.64 and a one year high of $271.64.

Ferguson (NYSE:FERG) last issued its quarterly earnings data on Monday, August 10th. The company reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.23 by $0.16. The company had revenue of $8.75 billion for the quarter. Ferguson had a return on equity of 38.81% and a net margin of 6.98%. Analysts anticipate that Ferguson will post 11.25 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Ferguson

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of 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 purchasing an additional 5,631,554 shares during the period. Norges Bank bought a new position in Ferguson during the 4th quarter valued at approximately $498,005,000. Durable Capital Partners LP bought a new position in Ferguson during the 3rd quarter valued at approximately $244,561,000. Qube Research & Technologies Ltd lifted its holdings in Ferguson by 588.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,087,523 shares of the company’s stock worth $244,236,000 after buying an additional 929,475 shares during the period. Finally, Voloridge Investment Management LLC lifted its holdings in Ferguson by 502.8% in the 3rd quarter. Voloridge Investment Management LLC now owns 765,725 shares of the company’s stock worth $171,967,000 after buying an additional 638,692 shares during the period. 81.98% of the stock is owned by institutional investors.

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.