Skye Global Management LP Decreases Holdings in Ferguson plc (NASDAQ:FERG)

Skye Global Management LP lowered its stake in shares of Ferguson plc (NASDAQ:FERG) by 72.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,000 shares of the company’s stock after selling 256,000 shares during the period. Ferguson comprises 0.5% of Skye Global Management LP’s investment portfolio, making the stock its 19th biggest position. Skye Global Management LP’s holdings in Ferguson were worth $19,063,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FERG. Suvretta Capital Management LLC lifted its position in shares of Ferguson by 55.3% in the third quarter. Suvretta Capital Management LLC now owns 225,210 shares of the company’s stock valued at $44,720,000 after acquiring an additional 80,170 shares in the last quarter. Vinva Investment Management Ltd purchased a new position in Ferguson in the 3rd quarter valued at $796,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Ferguson by 423.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,462,836 shares of the company’s stock worth $290,475,000 after buying an additional 1,183,143 shares in the last quarter. Brown Shipley& Co Ltd acquired a new stake in shares of Ferguson in the third quarter valued at about $205,000. Finally, FORA Capital LLC acquired a new position in Ferguson during the third quarter worth about $857,000. Institutional investors and hedge funds own 81.98% of the company’s stock.

Insider Activity

In other Ferguson news, CAO Richard Winckler sold 1,325 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $201.75, for a total transaction of $267,318.75. Following the completion of the transaction, the chief accounting officer now owns 1,000 shares in the company, valued at approximately $201,750. This represents a 56.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Garland Williams sold 1,118 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $201.22, for a total value of $224,963.96. Following the transaction, the senior vice president now directly owns 1,882 shares of the company’s stock, valued at approximately $378,696.04. This trade represents a 37.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,313 shares of company stock valued at $2,477,901. Insiders own 0.16% of the company’s stock.

Ferguson Stock Up 0.4 %

Ferguson stock opened at $213.27 on Friday. The firm has a market capitalization of $42.81 billion, a P/E ratio of 22.01, a P/E/G ratio of 2.07 and a beta of 1.20. The stock’s fifty day simple moving average is $201.47 and its 200-day simple moving average is $202.59. Ferguson plc has a twelve month low of $166.21 and a twelve month high of $225.63. The company has a current ratio of 1.80, a quick ratio of 1.00 and a debt-to-equity ratio of 0.89.

Ferguson (NASDAQ:FERG) last announced its quarterly earnings data on Tuesday, September 17th. The company reported $2.98 EPS for the quarter, beating analysts’ consensus estimates of $2.86 by $0.12. Ferguson had a net margin of 5.85% and a return on equity of 36.53%. The company had revenue of $7.95 billion for the quarter, compared to the consensus estimate of $8.01 billion. During the same period in the prior year, the firm posted $2.77 EPS. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts expect that Ferguson plc will post 9.77 earnings per share for the current fiscal year.

Ferguson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Friday, September 27th. Ferguson’s dividend payout ratio (DPR) is currently 37.05%.

Wall Street Analysts Forecast Growth

FERG has been the subject of a number of analyst reports. Wells Fargo & Company upped their price target on Ferguson from $225.00 to $232.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Oppenheimer began coverage on shares of Ferguson in a report on Wednesday, October 23rd. They issued an “outperform” rating and a $234.00 price objective for the company. Citigroup increased their price target on shares of Ferguson from $203.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, September 18th. Royal Bank of Canada lifted their price target on shares of Ferguson from $211.00 to $219.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Finally, Barclays lifted their target price on Ferguson from $229.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.