SCHEDULE 13G: FMR LLC and Abigail P. Johnson Disclose 5.0% Stake in Ferguson Enterprises Inc.

FMR LLC and its Chairman and CEO, Abigail P. Johnson, have jointly disclosed a beneficial ownership of 5.0% of Ferguson Enterprises Inc.'s common stock as of December 31, 2024.

Summary

• FMR LLC and Abigail P. Johnson have filed a Schedule 13G, reporting beneficial ownership of 10,007,880.46 shares of Ferguson Enterprises Inc. common stock.
• This aggregate amount represents 5.0% of the total outstanding common stock of Ferguson Enterprises Inc.
• The filing indicates that FMR LLC holds sole voting power over 9,216,636.73 shares and sole dispositive power over 10,007,880.46 shares.
• Abigail P. Johnson, as an individual, holds sole dispositive power over 10,007,880.46 shares, but no sole or shared voting power.
• The ownership is reported as of December 31, 2024, with the filing date being February 11, 2025.
• FMR LLC is classified as a parent holding company, and Abigail P. Johnson is identified as an individual.
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
• Several FMR LLC subsidiaries, including FIAM LLC, Fidelity Diversifying Solutions LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, Fidelity Management Trust Company, and Strategic Advisers LLC, are identified as entities beneficially owning shares.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing (Schedule 13G) reporting beneficial ownership. It contains no subjective language, forward-looking statements, or performance data that would indicate a positive or negative sentiment. It is purely informational and neutral.

Positives

• The disclosure of a significant 5.0% stake by a major institutional investor like FMR LLC and its leadership can signal confidence in Ferguson Enterprises Inc.'s long-term prospects.
• The statement that the shares are held in the ordinary course of business suggests a passive investment intent, which typically avoids immediate concerns about activist intervention or control changes.

Risks

• The filing itself does not detail risks related to Ferguson Enterprises Inc.'s operations.
• The primary risk related to this filing is the potential for misinterpretation of the ownership intent, although the document explicitly states it's for ordinary course of business and not for control.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding Ferguson Enterprises Inc.'s future performance or FMR LLC's future investment intentions beyond the current beneficial ownership.

Management Comments

• The filing includes a certification by FMR LLC and Abigail P. Johnson that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This Schedule 13G filing indicates a significant passive investment by FMR LLC, a major global asset manager, in Ferguson Enterprises Inc. Such filings are standard disclosures when an institutional investor's beneficial ownership crosses the 5% threshold, providing transparency to the market about large holdings. It reflects FMR's ongoing portfolio management activities rather than a strategic corporate action related to Ferguson Enterprises Inc.'s operations.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, which is a common regulatory disclosure for institutional investors reaching or exceeding a 5% beneficial ownership threshold in a public company.
• There are no specific comparable companies or projects mentioned within the document to assess results against industry benchmarks, as this filing pertains to an ownership stake rather than operational or financial performance.

Corporate Governance

Related Party Transactions

• Abigail P. Johnson is identified as a Director, Chairman, and Chief Executive Officer of FMR LLC, one of the reporting persons.
• Members of the Johnson family, including Abigail P. Johnson, are the predominant owners (49% voting power) of Series B voting common shares of FMR LLC.
• The Johnson family group and other Series B shareholders have a voting agreement, under which all Series B voting common shares are voted in accordance with the majority vote, effectively forming a controlling group with respect to FMR LLC.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional ownership stake, which can be viewed positively as a vote of confidence from a major investor.
• Management: Awareness of a large, passive institutional holder, which typically implies less immediate pressure for strategic changes compared to an activist investor.

Key Dates

Keywords

Ferguson Enterprises Inc., FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Ownership Stake, Investment Management