Norges Bank Makes New Investment in Ferguson plc (NASDAQ:FERG)

Norges Bank bought a new position in shares of Ferguson plc (NASDAQ:FERG - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,706,153 shares of the company's stock, valued at approximately $469,730,000. Norges Bank owned 1.35% of Ferguson as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of Ferguson by 32.5% in the third quarter. Principal Financial Group Inc. now owns 32,025 shares of the company's stock valued at $6,359,000 after acquiring an additional 7,862 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Ferguson by 7.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 778,737 shares of the company's stock valued at $135,247,000 after purchasing an additional 52,776 shares in the last quarter. New York Life Investment Management LLC acquired a new position in shares of Ferguson during the fourth quarter worth about $587,000. Neo Ivy Capital Management purchased a new stake in shares of Ferguson during the third quarter worth approximately $970,000. Finally, Clean Yield Group raised its holdings in Ferguson by 27.1% in the fourth quarter. Clean Yield Group now owns 25,959 shares of the company's stock valued at $4,506,000 after acquiring an additional 5,534 shares in the last quarter. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Ferguson Stock Performance

FERG stock traded up $3.37 on Wednesday, hitting $164.12. The company's stock had a trading volume of 421,240 shares, compared to its average volume of 1,507,271. The stock has a market cap of $32.82 billion, a price-to-earnings ratio of 19.70, a price-to-earnings-growth ratio of 1.69 and a beta of 1.28. The firm has a 50 day moving average of $173.08 and a two-hundred day moving average of $187.26. The company has a current ratio of 1.68, a quick ratio of 0.91 and a debt-to-equity ratio of 0.83. Ferguson plc has a 1 year low of $152.52 and a 1 year high of $225.63.

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Ferguson (NASDAQ:FERG - Get Free Report) last announced its earnings results on Tuesday, March 11th. The company reported $1.52 EPS for the quarter, missing analysts' consensus estimates of $1.58 by ($0.06). Ferguson had a net margin of 5.68% and a return on equity of 34.63%. The business had revenue of $6.87 billion during the quarter, compared to analysts' expectations of $6.76 billion. During the same period in the previous year, the company posted $1.74 earnings per share. Ferguson's quarterly revenue was up 3.0% on a year-over-year basis. Equities analysts predict that Ferguson plc will post 9.4 EPS for the current fiscal year.

Ferguson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, March 21st will be paid a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 21st. This represents a $3.32 annualized dividend and a dividend yield of 2.02%. Ferguson's dividend payout ratio (DPR) is currently 40.84%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Oppenheimer lowered their price target on shares of Ferguson from $234.00 to $189.00 and set an "outperform" rating for the company in a report on Wednesday, March 12th. Bank of America upgraded shares of Ferguson from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $185.00 to $225.00 in a research note on Wednesday, January 8th. Royal Bank of Canada restated an "outperform" rating and issued a $189.00 price target on shares of Ferguson in a research note on Tuesday, March 18th. Wolfe Research initiated coverage on Ferguson in a report on Monday, March 17th. They set a "peer perform" rating for the company. Finally, Zelman & Associates downgraded Ferguson from a "strong-buy" rating to a "hold" rating in a report on Friday, January 17th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $198.62.

About Ferguson

Ferguson plc distributes plumbing and heating products in the United States and Canada. It offers plumbing and heating solutions to customers in the residential, commercial, civil/infrastructure, and industrial end markets. The company also provides expertise, solutions, and products, including infrastructure, plumbing, appliances, fire, fabrication, and others, as well as heating, ventilation, and air conditioning products under the Ferguson brand name.