Magnetar Financial LLC Acquires Shares of 24,110 Ferguson plc (NASDAQ:FERG)

Magnetar Financial LLC acquired a new stake in shares of Ferguson plc (NASDAQ:FERG) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 24,110 shares of the company’s stock, valued at approximately $4,669,000.

Other hedge funds also recently bought and sold shares of the company. Daiwa Securities Group Inc. lifted its stake in Ferguson by 80.1% during the first quarter. Daiwa Securities Group Inc. now owns 32,811 shares of the company’s stock valued at $7,166,000 after buying an additional 14,590 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Ferguson by 14.5% in the first quarter. Meeder Asset Management Inc. now owns 75,505 shares of the company’s stock worth $16,493,000 after purchasing an additional 9,562 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Ferguson in the second quarter worth approximately $2,834,000. Lighthouse Investment Partners LLC lifted its position in shares of Ferguson by 20.8% in the fourth quarter. Lighthouse Investment Partners LLC now owns 60,406 shares of the company’s stock worth $11,663,000 after purchasing an additional 10,406 shares in the last quarter. Finally, Duality Advisers LP purchased a new stake in shares of Ferguson in the first quarter worth approximately $5,016,000. 81.98% of the stock is owned by hedge funds and other institutional investors.

Ferguson Trading Down 5.6 %

Shares of FERG stock opened at $196.52 on Monday. Ferguson plc has a 12 month low of $147.62 and a 12 month high of $225.63. The company has a quick ratio of 0.94, a current ratio of 1.68 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average is $204.73 and its two-hundred day moving average is $206.89. The company has a market cap of $39.69 billion, a PE ratio of 21.48, a price-to-earnings-growth ratio of 6.13 and a beta of 1.21.

Ferguson (NASDAQ:FERG) last announced its quarterly earnings results on Tuesday, September 17th. The company reported $2.98 EPS for the quarter, beating the consensus estimate of $2.86 by $0.12. Ferguson had a return on equity of 36.89% and a net margin of 6.33%. The company had revenue of $7.95 billion for the quarter, compared to the consensus estimate of $8.01 billion. During the same quarter last year, the company posted $2.77 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. Equities analysts predict that Ferguson plc will post 9.63 EPS for the current year.

Ferguson declared that its Board of Directors has approved a stock repurchase plan on Tuesday, June 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Ferguson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.16 annualized dividend and a yield of 1.61%. Ferguson’s dividend payout ratio (DPR) is presently 34.54%.

Analyst Ratings Changes

A number of research firms have recently issued reports on FERG. Barclays increased their price target on shares of Ferguson from $229.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 18th. Citigroup increased their price target on shares of Ferguson from $203.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 18th. Wells Fargo & Company reduced their price target on shares of Ferguson from $250.00 to $225.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. UBS Group increased their price objective on Ferguson from $228.00 to $236.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Jefferies Financial Group increased their price objective on Ferguson from $238.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $231.57.

Ferguson Company Profile

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.