Envestnet Asset Management Inc. Has $187.42 Million Holdings in Ferguson plc (NASDAQ:FERG)

Envestnet Asset Management Inc. raised its stake in Ferguson plc (NASDAQ:FERG) by 1.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 967,849 shares of the company’s stock after buying an additional 18,504 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Ferguson were worth $187,424,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of Ferguson by 375.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,289,864 shares of the company’s stock worth $1,218,032,000 after buying an additional 4,966,821 shares during the period. Norges Bank acquired a new stake in shares of Ferguson during the 4th quarter worth approximately $988,852,000. Franklin Resources Inc. grew its position in shares of Ferguson by 4.6% during the 4th quarter. Franklin Resources Inc. now owns 2,714,113 shares of the company’s stock worth $524,014,000 after buying an additional 118,894 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Ferguson by 589.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,619,637 shares of the company’s stock worth $353,778,000 after buying an additional 1,384,570 shares during the period. Finally, First Pacific Advisors LP grew its position in shares of Ferguson by 1.4% during the 2nd quarter. First Pacific Advisors LP now owns 1,104,289 shares of the company’s stock worth $213,846,000 after buying an additional 15,700 shares during the period. Institutional investors and hedge funds own 81.98% of the company’s stock.

Ferguson Stock Performance

Shares of FERG opened at $193.07 on Monday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.94 and a current ratio of 1.68. Ferguson plc has a twelve month low of $147.62 and a twelve month high of $225.63. The firm’s 50 day moving average price is $203.83 and its two-hundred day moving average price is $207.10. The firm has a market cap of $38.99 billion, a P/E ratio of 21.10, a PEG ratio of 5.84 and a beta of 1.21.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FERG shares. Jefferies Financial Group lifted their price target on shares of Ferguson from $238.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Royal Bank of Canada reduced their price objective on shares of Ferguson from $217.00 to $211.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Finally, Barclays reduced their price objective on shares of Ferguson from $232.00 to $229.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Ferguson currently has an average rating of “Moderate Buy” and an average price target of $230.00.

Ferguson 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.