Portfolio Adjustments
Ferguson Wellman Adjusts Portfolio by Cutting Stakes and Increasing AppLovin Holdings
Anonymous
Key Points
1
In AvalonBay, BlackRock opened a new stake during the second quarter worth about $3,368,659,000, and Bank of America also established a new position worth about $358,275,000.
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AvalonBay's valuation and liquidity metrics shown in the filing include a P/E of 30.08, a P/E/G of 2.98, a beta of 0.76, quick ratio 0.54, current ratio 0.54, and debt-to-equity around 0.74, with a 50-day moving average of $188.02 and a 200-day moving average of $180.77.
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AAON's CAO Rebecca Thompson sold 4,230 shares in a June 2 transaction, disclosed in Ferguson Wellman's latest filing.
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AAON remains heavily owned by institutional investors and hedge funds, with about 70.81% of the stock held by such investors.
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AppLovin has 41.85% of its stock owned by institutional investors, and the week saw notable options activity, including 47,438 call options traded (roughly 32% above the average).
Ferguson Wellman Capital Management Inc. trimmed stakes in three major holdings during the second quarter, cutting back on AvalonBay Communities, AAON, and Arthur J. Gallagher & Co. while adding to its AppLovin position. WatchlistNews reported the Portland-based fund reduced AvalonBay by 1.2% to 247,561 shares worth $46.7 million, slashed AAON by 9.6% to 150,136 shares valued at $19.0 million, and cut Gallagher by 8.0% to 44,277 shares worth $10.2 million. The firm increased AppLovin by 3.0% to 67,092 shares worth $34.6 million, showing selective confidence in the software company amid broader portfolio adjustments.
AvalonBay Attracts Major New Money From Wall Street
While Ferguson Wellman trimmed its AvalonBay stake, the apartment REIT is drawing heavy interest from larger players. WatchlistNews noted that BlackRock opened a new position in the second quarter worth $3.37 billion, while Bank of America also established a fresh stake valued at $358 million. The stock trades at a P/E ratio of 30.08 with a beta of 0.76, showing lower volatility than the broader market. AvalonBay's 50-day moving average sits at $188.02, versus a 200-day average of $180.77.
AAON Sees Insider Selling and High Institutional Ownership
AAON's leadership made moves in June that signaled caution at the company. WatchlistNews reported that Rebecca Thompson, the chief accounting officer, sold 4,230 shares on June 2. Despite insider selling, institutional investors and hedge funds control about 70.81% of AAON's stock, indicating strong belief from major players. Ferguson Wellman's 9.6% reduction brought its holding to 150,136 shares, but the fund still maintains a meaningful stake in the HVAC equipment maker.
AppLovin Gains Despite Heavy Options Trading
Ferguson Wellman bucked broader market caution by adding to AppLovin, increasing its stake by 3.0% to 67,092 shares. TickerReport noted unusual options activity in the software company, with 47,438 call options traded during the week—roughly 32% above the average. Institutional investors own 41.85% of AppLovin, and the elevated options trading suggests traders expect potential upside moves. Ferguson Wellman's $34.6 million position makes it a meaningful holding for the fund.
Ferguson Wellman Adds to Diversified Energy and Logistics
Beyond the major four positions, Ferguson Wellman moved strategically across other sectors in Q2. WatchlistNews reported the fund increased NRG Energy by 4.5% to 177,514 shares, adding exposure to the power producer. The fund also boosted United Parcel Service by 10.2% to 112,529 shares, raising its UPS holding to $12.1 million. WatchlistNews also noted Ferguson Wellman purchased a new stake in Bank of New York Mellon for $3.58 million, buying 24,759 shares. These moves show the fund building positions across real assets and financial infrastructure.
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