Prologis Inc. (PLD) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Prologis Inc. (NYSE:PLD) from a hold rating to a buy rating in a report released on Thursday morning. Zacks Investment Research currently has $54.00 target price on the stock.
According to Zacks, “Prologis came up with decent earnings results in the recent quarters, reporting funds from operations (FFO) per share surprise of 4.29% in the third quarter. Amid a consistent shift toward e-commerce and supply chain strategy transformations, Prologis’ occupancy and leasing volumes remained high in the third quarter. The company witnessed broad-based demand across customer segments, driven by e-commerce, automotive, consumer products and construction supplies. Also, Prologis focused consistently on bolstering its liquidity, which is encouraging. In fact, amid an improving industrial market with higher demand and manageable new supply, the company is well poised to benefit from its capacity to offer modern distribution facilities in strategic infill locations. Yet, earnings dilutive effects of dispositions and interest rate issues continue to remain lingering concerns.”
Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reissued a buy rating on shares of Prologis in a research report on Wednesday, July 20th. Cantor Fitzgerald reissued a buy rating and issued a $55.00 price objective on shares of Prologis in a research report on Wednesday, July 20th. BTIG Research started coverage on Prologis in a research report on Thursday, August 25th. They issued a buy rating and a $60.00 price objective on the stock. Morgan Stanley set a $58.00 price objective on Prologis and gave the stock a buy rating in a research report on Tuesday, September 6th. Finally, Evercore ISI raised Prologis from a hold rating to a buy rating and set a $56.00 price objective on the stock in a research report on Tuesday, October 18th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $51.21.
Prologis (NYSE:PLD) traded up 0.92% on Thursday, reaching $48.46. The company’s stock had a trading volume of 744,434 shares. The firm has a 50 day moving average of $50.59 and a 200 day moving average of $50.77. Prologis has a 12 month low of $35.25 and a 12 month high of $54.87. The firm has a market cap of $25.62 billion, a price-to-earnings ratio of 28.95 and a beta of 1.15.
Prologis (NYSE:PLD) last posted its quarterly earnings data on Thursday, October 20th. The company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.03. Prologis had a return on equity of 4.86% and a net margin of 34.73%. The business had revenue of $705 million for the quarter, compared to analysts’ expectations of $221.07 million. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The business’s revenue was up 21.3% on a year-over-year basis. Analysts anticipate that Prologis will post ($0.27) earnings per share for the current year.
A number of large investors have recently modified their holdings of the stock. Creative Planning boosted its stake in shares of Prologis by 12.7% in the second quarter. Creative Planning now owns 2,889 shares of the company’s stock valued at $142,000 after buying an additional 325 shares in the last quarter. BKD Wealth Advisors LLC boosted its stake in shares of Prologis by 1.1% in the second quarter. BKD Wealth Advisors LLC now owns 6,354 shares of the company’s stock valued at $312,000 after buying an additional 68 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Prologis by 1.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 448,796 shares of the company’s stock valued at $22,009,000 after buying an additional 6,003 shares in the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in shares of Prologis by 6.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 135,991 shares of the company’s stock valued at $6,669,000 after buying an additional 8,221 shares in the last quarter. Finally, DNB Asset Management AS boosted its stake in shares of Prologis by 1.5% in the second quarter. DNB Asset Management AS now owns 53,598 shares of the company’s stock valued at $2,029,000 after buying an additional 800 shares in the last quarter. Institutional investors own 99.18% of the company’s stock.
Prologis Company Profile
Prologis, Inc is engaged in logistics real estate business, focused on markets across the Americas, Europe and Asia. The Company owns or has investments in, on a basis or through co-investment ventures, properties and development projects in over 20 countries. Its segments include Real Estate Operations and Strategic Capital.
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