PNC Financial Services Group Inc. Sells 3,285 Shares of Ferguson plc (NASDAQ:FERG)

PNC Financial Services Group Inc. trimmed its stake in Ferguson plc (NASDAQ:FERG) by 16.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,901 shares of the company’s stock after selling 3,285 shares during the period. PNC Financial Services Group Inc.’s holdings in Ferguson were worth $3,356,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in shares of Ferguson by 375.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,289,864 shares of the company’s stock worth $1,218,032,000 after acquiring an additional 4,966,821 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Ferguson by 589.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,619,637 shares of the company’s stock worth $353,778,000 after purchasing an additional 1,384,570 shares during the period. Waverton Investment Management Ltd increased its holdings in Ferguson by 61.0% during the 2nd quarter. Waverton Investment Management Ltd now owns 812,904 shares of the company’s stock worth $157,293,000 after purchasing an additional 308,138 shares during the period. ING Groep NV purchased a new position in Ferguson during the 3rd quarter worth $45,850,000. Finally, Mackenzie Financial Corp increased its holdings in Ferguson by 32.4% during the 2nd quarter. Mackenzie Financial Corp now owns 766,027 shares of the company’s stock worth $148,341,000 after purchasing an additional 187,659 shares during the period. 81.98% of the stock is owned by institutional investors.

Ferguson Price Performance

Shares of Ferguson stock opened at $208.94 on Monday. Ferguson plc has a twelve month low of $166.21 and a twelve month high of $225.63. The business has a 50-day moving average price of $200.83 and a 200 day moving average price of $202.61. The company has a quick ratio of 1.00, a current ratio of 1.80 and a debt-to-equity ratio of 0.89. The firm has a market cap of $41.94 billion, a PE ratio of 24.49, a P/E/G ratio of 2.03 and a beta of 1.20.

Ferguson (NASDAQ:FERG) last posted its quarterly earnings data on Tuesday, September 17th. The company reported $2.98 EPS for the quarter, topping the consensus estimate of $2.86 by $0.12. Ferguson had a return on equity of 36.53% and a net margin of 5.85%. The company had revenue of $7.95 billion during the quarter, compared to analyst estimates of $8.01 billion. During the same period in the previous year, the business earned $2.77 EPS. Ferguson’s quarterly revenue was up 1.4% on a year-over-year basis. Sell-side analysts predict that Ferguson plc will post 9.77 earnings per share for the current fiscal year.

Ferguson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were given a $0.79 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.51%. Ferguson’s dividend payout ratio (DPR) is presently 37.05%.

Insider Activity

In other Ferguson news, CMO Victoria Morrissey sold 1,468 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $201.20, for a total transaction of $295,361.60. Following the transaction, the chief marketing officer now directly owns 5,205 shares in the company, valued at $1,047,246. This represents a 22.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Richard Winckler sold 1,325 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $201.75, for a total value of $267,318.75. Following the transaction, the chief accounting officer now owns 1,000 shares in the company, valued at $201,750. This trade represents a 56.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,313 shares of company stock worth $2,477,901 over the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

FERG has been the topic of several research reports. Barclays raised their price objective on Ferguson from $229.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. UBS Group boosted their target price on Ferguson from $228.00 to $236.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Robert W. Baird boosted their target price on Ferguson from $225.00 to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their target price on Ferguson from $225.00 to $232.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, Oppenheimer assumed coverage on Ferguson in a research report on Wednesday, October 23rd. They set an “outperform” rating and a $234.00 price target for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $233.38.

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.