Ferguson (NASDAQ:FERG) Sets New 1-Year Low Following Analyst Downgrade

Ferguson plc (NASDAQ:FERG)’s share price reached a new 52-week low on Tuesday after Citigroup lowered their price target on the stock from $221.00 to $189.00. Citigroup currently has a neutral rating on the stock. Ferguson traded as low as $171.46 and last traded at $172.70, with a volume of 220820 shares changing hands. The stock had previously closed at $174.18.

A number of other research analysts have also issued reports on the stock. Robert W. Baird decreased their target price on shares of Ferguson from $230.00 to $225.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 11th. Berenberg Bank increased their price objective on shares of Ferguson from $224.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Oppenheimer assumed coverage on Ferguson in a report on Wednesday, October 23rd. They issued an “outperform” rating and a $234.00 target price on the stock. Wells Fargo & Company dropped their price objective on Ferguson from $220.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Finally, 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. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $226.89.

Insider Buying and Selling

In related news, CMO Victoria Morrissey sold 1,468 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were 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 approximately $1,047,246. The trade was a 22.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Jacobs sold 2,624 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $200.96, for a total value of $527,319.04. Following the completion of the transaction, the vice president now directly owns 1,116 shares of the company’s stock, valued at approximately $224,271.36. This represents a 70.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,313 shares of company stock worth $2,477,901 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Ferguson

Several large investors have recently made changes to their positions in the business. FMR LLC grew its position in Ferguson by 3.5% during the third quarter. FMR LLC now owns 8,468,003 shares of the company’s stock valued at $1,668,462,000 after buying an additional 288,935 shares during the period. State Street Corp raised its holdings in shares of Ferguson by 3.7% in the 3rd quarter. State Street Corp now owns 4,541,079 shares of the company’s stock worth $905,230,000 after purchasing an additional 161,662 shares during the period. Geode Capital Management LLC increased its holdings in Ferguson by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,197,621 shares of the company’s stock worth $633,409,000 after acquiring an additional 25,677 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Ferguson by 6.0% during the third quarter. Franklin Resources Inc. now owns 2,371,954 shares of the company’s stock valued at $477,858,000 after purchasing an additional 133,769 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Ferguson by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,563,558 shares of the company’s stock worth $302,781,000 after purchasing an additional 153,757 shares during the period. 81.98% of the stock is owned by hedge funds and other institutional investors.

Ferguson Price Performance

The stock has a market cap of $34.46 billion, a PE ratio of 20.69, a P/E/G ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.80 and a quick ratio of 1.00. The firm’s 50 day moving average price is $196.67 and its two-hundred day moving average price is $199.43.

Ferguson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Shareholders of record on Friday, December 20th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $3.32 annualized dividend and a dividend yield of 1.93%. This is an increase from Ferguson’s previous quarterly dividend of $0.79. Ferguson’s dividend payout ratio is currently 39.86%.

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.