5 Best Industrial Distribution Stocks to Buy Now

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1. Ferguson plc (NYSE:FERG)

Number of Hedge Fund Holders: 62

Based in Wokingham, United Kingdom, Ferguson plc (NYSE:FERG) is a value-added distributor providing products and solutions for infrastructure, plumbing and appliances, heating, ventilation, and air conditioning (HVAC), fire, fabrication, and others.

Ferguson plc (NYSE:FERG) reported strong quarterly results for the three months ended January 31. Its net sales increased by 5% y-o-y to $6.8 billion while net income stood at $374 million. It also completed four acquisitions during the quarter with aggregate annualized revenues of nearly $300 million.

On May 24, Barclays analyst Matthew Bouley raised the price target on Ferguson plc (NYSE:FERG) shares to $175 from $159 and maintained an ‘Overweight’ rating for the shares.

Ferguson plc (NYSE:FERG) is the best industrial distribution stock to buy now according to the hedge funds tracked by Insider Monkey. The stock was owned by 62 prominent hedge funds out of the 943 tracked by Insider Monkey, with a total value of $3.2 billion. Notable hedge funds like Renaissance Technologies added the stock to their portfolios during the quarter while others such as Millennium Management and Third Point significantly increased their investments.

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