On June 16, 2023, it was reported that Equitable Trust Co. had reduced its stake in Ferguson plc (NASDAQ:FERG) by 14.4% in the fourth quarter of last year (SEK), according to its most recent filing with the Securities and Exchange Commission.
The institutional investor owned 16,706 shares of the plumbing and heating products retailer after selling 2,800 shares during the quarter. At the time of the SEC filing, Equitable Trust Co.’s shares in Ferguson were valued at $2,121,000.
Ferguson plc is a leading distributor of plumbing and heating products in Canada and the United States. The company specializes in providing expertise and solutions to residential, commercial, civil/infrastructure and industrial end markets. Under the Ferguson brand name, they offer an extensive range of products, including infrastructure materials such as plumbing systems or fire protection equipment and HVAC solutions.
NASDAQ:FERG shares opened Friday at $151.88 with a market cap of $34.18 billion and a P/E of 16.89 and a beta of 1.20.
Despite a volatile price action over the past year – with a yearly low of $99.16 and a high of $152.19 – Ferguson still has plenty thanks to its current odds of 1.78 and short-term odds of 0.94 strong financial stability.
The company’s debt-to-equity ratio also remains favorable at 0.83, indicating a positive outlook for long-term growth in line with industry standards.
By cutting its stake in Ferguson plc, E-Trust Company seems skeptical; However, one begs the question, will reducing ownership lead to lackluster investment results, or are they merely changing their portfolio strategy for newer prospects?
In summary, Ferguson’s long standing reputation, extensive expertise and variety of products are testament to this distribution giant’s record of exceptional performance over the years. This split from Equitable Trust might just be a small spark on their radar.
Ferguson plc
DONE
Strong buy
Updated on: 06/17/2023
price target
Current
Agreed
Low
median
High
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Analyst Ratings
| Analyst / Company | Evaluation |
|---|---|
|
Keith Hughes |
Sell |
| Trust Financial | Obtain |
| Barclays | Obtain |
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Ferguson plc records activity from hedge funds and institutional investors
Ferguson plc, the US and Canada-based plumbing and heating distributor, saw a flurry of activity from hedge funds and institutional investors changing positions in the business. Column Capital Advisors LLC increased its stake by 162.2% to 333 shares valued at $42,000 after an additional purchase of 206 shares in the fourth quarter of 2023, while Ronald Blue Trust Inc increased its stake by 98.4% over the same period Raised 758 shares worth $78,000. Additionally, two research analysts recently gave the stock a Moderate Buy rating with a consensus price target of $5,292.33.
Ferguson is well established in a wide range of end markets such as residential and commercial and enjoys continued success through innovative solutions including plumbing services, appliance supply and infrastructure maintenance, underpinned by standard products with a focus on heating systems and associated air conditioning products under the Ferguson brand name.
In its most recent quarter, the company reported robust revenue of $7.14 billion compared to analyst estimates of $7.09 billion; That represented a net margin return of 6.31%, representing a decline in overall sales, although revenue from e-commerce shows had declined year over year.
Those numbers notwithstanding, Ferguson expects to post impressive earnings per share this year, with potential numbers as high as 9.58, largely due to being recognized as one of the top players in basic services during the pandemic, as plumbers due classified as key workers under social distancing regulations.
A dividend of 75 cents per share will be paid on Aug. 4 after shareholders register for June’s ex-dividend day, which starts Thursday, bounty for market entry given institutional support and expected strong fourth-quarter revenue reports is.
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