Nissay Asset Management Corp Japan Sells 2,872 Shares of Ferguson plc $FERG

Nissay Asset Management Corp Japan reduced its stake in shares of Ferguson plc (NYSE:FERG) by 9.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,033 shares of the company’s stock after selling 2,872 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Ferguson were worth $6,416,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Jupiter Topco LLC acquired a new position in shares of Ferguson during the second quarter valued at about $1,789,368,000. Wellington Management Group LLP increased its stake 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 acquiring an additional 5,631,554 shares during the period. Norges Bank bought a new position in Ferguson during the fourth quarter valued at about $498,005,000. Durable Capital Partners LP acquired a new position in Ferguson in the 3rd quarter valued at approximately $244,561,000. Finally, Qube Research & Technologies Ltd raised 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 valued at $244,236,000 after acquiring an additional 929,475 shares in the last quarter. 81.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FERG has been the topic of several recent research reports. Zelman & Associates raised Ferguson from a “hold” rating to an “outperform” rating and set a $285.00 price objective on the stock in a report on Friday, July 17th. Citigroup reaffirmed a “neutral” rating on shares of Ferguson in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $261.00 price target on shares of Ferguson in a research note on Tuesday, August 18th. Weiss Ratings raised shares of Ferguson from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Finally, Barclays raised their price objective on shares of Ferguson from $297.00 to $313.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. One equities research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $285.93.

Ferguson Stock Performance

Ferguson stock opened at $228.52 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.73 and a quick ratio of 0.93. The stock has a fifty day moving average price of $236.93 and a two-hundred day moving average price of $239.47. Ferguson plc has a 52-week low of $207.64 and a 52-week high of $271.64. The firm has a market capitalization of $44.21 billion, a P/E ratio of 26.85, a P/E/G ratio of 1.59 and a beta of 1.14.

Ferguson (NYSE:FERG) last issued its 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 37.24%. The company had revenue of $8.75 billion for the quarter. As a group, analysts anticipate that Ferguson plc will post 11.42 EPS for the current fiscal year.

Ferguson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Friday, August 21st will be given a $0.89 dividend. The ex-dividend date is Friday, August 21st. This represents a $3.56 dividend on an annualized basis and a yield of 1.6%. Ferguson’s payout ratio is 41.83%.

Ferguson declared that its board has initiated a share repurchase plan on Tuesday, May 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Ferguson 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.