Choreo LLC Acquires New Position in Ferguson plc (NASDAQ:FERG)

Choreo LLC bought a new position in shares of Ferguson plc (NASDAQ:FERG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,047 shares of the company’s stock, valued at approximately $1,341,000.

A number of other large investors have also recently modified their holdings of the business. Richardson Financial Services Inc. bought a new stake in shares of Ferguson during the 4th quarter worth $25,000. EdgeRock Capital LLC bought a new position in shares of Ferguson in the second quarter worth about $32,000. MCF Advisors LLC acquired a new stake in shares of Ferguson in the 1st quarter valued at approximately $47,000. Brown Brothers Harriman & Co. grew its holdings in shares of Ferguson by 538.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 402 shares of the company’s stock valued at $78,000 after purchasing an additional 339 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in Ferguson by 2,462.5% during the 2nd quarter. Versant Capital Management Inc now owns 410 shares of the company’s stock worth $79,000 after purchasing an additional 394 shares in the last quarter. Institutional investors and hedge funds own 81.98% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on FERG shares. Barclays cut their target price on shares of Ferguson from $232.00 to $229.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Royal Bank of Canada reduced their price objective on Ferguson from $217.00 to $211.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 5th. Finally, Jefferies Financial Group increased their target price on Ferguson from $238.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Ferguson has an average rating of “Moderate Buy” and an average target price of $230.00.

Ferguson Price Performance

Shares of NASDAQ:FERG opened at $188.51 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.94 and a current ratio of 1.68. Ferguson plc has a 52 week low of $147.62 and a 52 week high of $225.63. The firm has a market cap of $38.07 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 5.75 and a beta of 1.21. The firm’s fifty day moving average is $203.78 and its 200-day moving average is $207.40.

Ferguson declared that its Board of Directors has approved a stock buyback program on Tuesday, June 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.