Ferguson (NYSE:FERG) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Ferguson (NYSE:FERG) released its quarterly earnings data on Tuesday. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.14, FiscalAI reports. Ferguson had a net margin of 6.98% and a return on equity of 38.92%. The firm had revenue of $7.47 billion during the quarter. During the same period in the previous year, the firm earned $2.50 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis.

Ferguson Price Performance

Shares of FERG stock traded down $4.01 during mid-day trading on Thursday, hitting $248.20. The company had a trading volume of 571,076 shares, compared to its average volume of 1,371,443. Ferguson has a 52-week low of $169.11 and a 52-week high of $271.64. The stock’s 50 day moving average price is $243.90 and its 200-day moving average price is $244.02. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.88 and a quick ratio of 1.01. The company has a market capitalization of $48.25 billion, a P/E ratio of 25.14, a P/E/G ratio of 1.90 and a beta of 1.23.

Ferguson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th will be issued a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, May 15th. Ferguson’s payout ratio is 35.96%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Sanford C. Bernstein reissued an “outperform” rating on shares of Ferguson in a report on Thursday, January 8th. Wall Street Zen cut shares of Ferguson from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Jefferies Financial Group reissued a “buy” rating and set a $300.00 price objective on shares of Ferguson in a report on Tuesday, February 24th. Weiss Ratings raised shares of Ferguson from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 20th. Finally, Wells Fargo & Company boosted their price objective on shares of Ferguson from $260.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $269.60.

Ferguson declared that its board has approved a stock repurchase program on Tuesday, May 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Ferguson

Several hedge funds have recently modified their holdings of FERG. Leonteq Securities AG purchased a new position in shares of Ferguson in the fourth quarter worth $26,000. Basepoint Wealth LLC purchased a new stake in shares of Ferguson in the fourth quarter valued at $26,000. Central Pacific Bank Trust Division purchased a new stake in shares of Ferguson in the fourth quarter valued at $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Ferguson in the third quarter valued at $28,000. Finally, Cornerstone Planning Group LLC raised its stake in shares of Ferguson by 178.3% in the third quarter. Cornerstone Planning Group LLC now owns 128 shares of the company’s stock valued at $31,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 81.98% of the company’s stock.

About Ferguson

Ferguson (NYSE: FERG) is a multinational distributor specializing in plumbing and heating products and related building supplies, serving professional contractors, builders and industrial customers. The company supplies a broad range of products used in residential, commercial and infrastructure projects, including pipes and fittings, valves and controls, HVAC equipment, waterworks materials, plumbing fixtures, pumps and accessories, as well as complementary electrical and specialty product lines.

Ferguson operates a network of branches and distribution centers that provide inventory, logistics and value-added services to trade customers.