abrdn plc Cuts Position in Ferguson plc (NASDAQ:FERG)

abrdn plc reduced its position in shares of Ferguson plc (NASDAQ:FERG) by 32.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 512,646 shares of the company’s stock after selling 251,745 shares during the period. abrdn plc owned about 0.26% of Ferguson worth $89,013,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. FMR LLC boosted its holdings in Ferguson by 3.5% during the 3rd quarter. FMR LLC now owns 8,468,003 shares of the company’s stock valued at $1,668,462,000 after acquiring an additional 288,935 shares during the period. State Street Corp grew its holdings in shares of Ferguson by 3.7% in the third quarter. State Street Corp now owns 4,541,079 shares of the company’s stock valued at $905,230,000 after purchasing an additional 161,662 shares in the last quarter. Geode Capital Management LLC increased its stake in Ferguson by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,197,621 shares of the company’s stock worth $633,409,000 after buying an additional 25,677 shares during the period. Franklin Resources Inc. lifted its holdings in Ferguson by 6.0% during the 3rd quarter. Franklin Resources Inc. now owns 2,371,954 shares of the company’s stock worth $477,858,000 after buying an additional 133,769 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Ferguson by 423.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,462,836 shares of the company’s stock valued at $290,475,000 after buying an additional 1,183,143 shares during the period. 81.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FERG. Bank of America upgraded Ferguson from an “underperform” rating to a “buy” rating and increased their price objective for the company from $185.00 to $225.00 in a research note on Wednesday, January 8th. Barclays reduced their price target on Ferguson from $234.00 to $211.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Morgan Stanley initiated coverage on Ferguson in a research report on Monday. They set an “overweight” rating and a $204.00 price objective for the company. Wells Fargo & Company reduced their target price on shares of Ferguson from $215.00 to $205.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Robert W. Baird lowered their price target on shares of Ferguson from $230.00 to $225.00 and set an “outperform” rating for the company in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Ferguson currently has an average rating of “Moderate Buy” and a consensus target price of $217.73.

Ferguson Price Performance

Shares of NASDAQ:FERG opened at $179.51 on Wednesday. Ferguson plc has a 12 month low of $167.27 and a 12 month high of $225.63. The firm has a market capitalization of $35.89 billion, a P/E ratio of 21.55, a P/E/G ratio of 1.71 and a beta of 1.24. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.68 and a quick ratio of 0.91. The company’s fifty day moving average price is $185.73 and its 200 day moving average price is $196.68.

Ferguson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Stockholders of record on Friday, December 20th will be issued a $0.83 dividend. This is an increase from Ferguson’s previous quarterly dividend of $0.79. This represents a $3.32 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Friday, December 20th. Ferguson’s payout ratio is presently 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.