JPMorgan Chase & Co. Reduces Stake in Ferguson plc (NASDAQ:FERG)

JPMorgan Chase & Co. cut its stake in shares of Ferguson plc (NASDAQ:FERG) by 38.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,420,450 shares of the company’s stock after selling 881,790 shares during the period. JPMorgan Chase & Co. owned 0.71% of Ferguson worth $282,059,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Dedication LLC bought a new stake in Ferguson during the 3rd quarter worth approximately $27,000. True Wealth Design LLC grew its position in shares of Ferguson by 1,350.0% during the 3rd quarter. True Wealth Design LLC now owns 145 shares of the company’s stock valued at $29,000 after purchasing an additional 135 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Ferguson in the third quarter worth $37,000. Peterson Financial Group Inc. bought a new stake in Ferguson during the third quarter valued at $39,000. Finally, Reston Wealth Management LLC purchased a new position in Ferguson during the third quarter worth about $40,000. 81.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FERG. Royal Bank of Canada restated an “outperform” rating and issued a $219.00 target price on shares of Ferguson in a research note on Wednesday, December 11th. UBS Group raised their target price on shares of Ferguson from $228.00 to $236.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Robert W. Baird cut their price target on shares of Ferguson from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Wednesday, December 11th. Citigroup raised their price objective on shares of Ferguson from $203.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Ferguson from $220.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Ferguson presently has a consensus rating of “Moderate Buy” and an average target price of $230.44.

Insider Transactions at Ferguson

In other news, CMO Victoria Morrissey sold 1,468 shares of the stock in a transaction that occurred 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 completion of the sale, the chief marketing officer now owns 5,205 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, VP Michael Jacobs sold 2,624 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $200.96, for a total transaction of $527,319.04. Following the completion of the transaction, the vice president now owns 1,116 shares in the company, valued at $224,271.36. This represents a 70.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,313 shares of company stock worth $2,477,901. Company insiders own 0.16% of the company’s stock.

Ferguson Price Performance

FERG stock opened at $175.14 on Monday. The firm has a market cap of $35.02 billion, a P/E ratio of 21.03, a P/E/G ratio of 1.90 and a beta of 1.21. The firm’s fifty day moving average is $199.49 and its 200 day moving average is $200.68. Ferguson plc has a 52 week low of $172.00 and a 52 week high of $225.63. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.00 and a current ratio of 1.80.

Ferguson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 6th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.83 per share. This is a boost from Ferguson’s previous quarterly dividend of $0.79. This represents a $3.32 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, December 20th. Ferguson’s dividend payout ratio (DPR) is 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.