Ferguson (NYSE:FERG) Price Target Raised to $295.00

Ferguson (NYSE:FERG) had its price target raised by Wells Fargo & Company from $285.00 to $295.00 in a research report report published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other analysts also recently issued reports on the stock. Zelman & Associates raised shares of Ferguson from a “hold” rating to an “outperform” rating and set a $285.00 target price on the stock in a research note on Friday, July 17th. Citigroup reiterated a “neutral” rating on shares of Ferguson in a report on Wednesday, May 6th. The Goldman Sachs Group lowered Ferguson from a “buy” rating to a “neutral” rating and dropped their price target for the company from $315.00 to $265.00 in a research report on Monday, July 6th. Weiss Ratings raised Ferguson from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Finally, Royal Bank Of Canada raised their price objective on Ferguson from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ferguson has a consensus rating of “Moderate Buy” and an average price target of $284.86.

Ferguson Stock Performance

Ferguson stock opened at $248.20 on Tuesday. Ferguson has a fifty-two week low of $207.64 and a fifty-two week high of $271.64. The firm’s 50 day simple moving average is $235.38 and its 200-day simple moving average is $240.83. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.78 and a quick ratio of 0.96. The company has a market cap of $48.01 billion, a P/E ratio of 28.86, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14.

Ferguson (NYSE:FERG) last issued its quarterly earnings results on Monday, August 10th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.23 by $0.16. Ferguson had a net margin of 6.82% and a return on equity of 37.68%. The business had revenue of $8.75 billion during the quarter. As a group, equities research analysts predict that Ferguson will post 11.35 EPS for the current year.

Ferguson announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Ferguson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Friday, August 21st will be paid a dividend of $0.89 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.4%. Ferguson’s dividend payout ratio (DPR) is 41.40%.

Hedge Funds Weigh In On Ferguson

A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in Ferguson by 150.8% during the fourth quarter. Wellington Management Group LLP now owns 9,366,465 shares of the company’s stock valued at $2,085,256,000 after purchasing an additional 5,631,554 shares during the last quarter. Norges Bank acquired a new position in Ferguson in the 4th quarter worth about $498,005,000. Durable Capital Partners LP acquired a new position in Ferguson in the 3rd quarter worth about $244,561,000. Qube Research & Technologies Ltd raised its stake in shares of Ferguson by 588.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,087,523 shares of the company’s stock worth $244,236,000 after purchasing an additional 929,475 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of Ferguson by 502.8% during the 3rd quarter. Voloridge Investment Management LLC now owns 765,725 shares of the company’s stock worth $171,967,000 after purchasing an additional 638,692 shares in the last quarter. 81.98% of the stock is owned by institutional investors and hedge funds.

Ferguson News Roundup

Here are the key news stories impacting Ferguson this week:

• Positive Sentiment: Higher price target: Robert W. Baird raised its price target for Ferguson to $288, implying meaningful upside from the stock’s recent trading level and reinforcing investor optimism. Robert W. Baird Boosts Ferguson Price Target to $288
• Positive Sentiment: Constructive analyst sentiment: Ferguson received an average “Moderate Buy” rating, while a Wells Fargo analyst said the stock is expected to rise. The recommendations may support buying interest, although they do not represent a new operating forecast from the company. Ferguson Receives Moderate Buy Recommendation Wells Fargo Analyst Expects Ferguson Stock to Rise
• Positive Sentiment: New Tampa location: Ferguson selected Gasworx in Ybor City for a new Tampa location, indicating continued investment in its physical distribution footprint. The announcement is modestly positive but contains limited financial detail. Ferguson Selects Gasworx for New Tampa Location
• Neutral Sentiment: Articles about Rams tight end Terrance Ferguson, a Ferguson-related climate-data correction, the Ferguson Center’s Broadway season, Spokane Gov. Ferguson, and Ferguson, Missouri, local news concern unrelated entities and are not expected to affect Ferguson plc (NYSE:FERG).

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.