Prologis Inc. (PLD) Downgraded by Zacks Investment Research to Hold
Prologis Inc. (NYSE:PLD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Prologis’ funds from operations (FFO) per share estimates for the current quarter and full-year 2016 have been stable for the past seven days. Amid a consistent shift toward e-commerce and supply chain strategy transformations, the company is well poised to benefit from its capacity to offer modern distribution facilities in strategic infill locations. In fact, the company’s occupancy and leasing volumes remained high in third-quarter 2016. It witnessed broad-based demand across customer segments, driven by e-commerce, automotive, consumer products and construction supplies. Also, Prologis remains focused on bolstering its liquidity, which is encouraging. Nevertheless, rising number of new facilities, competitive landscape and any further hike in interest rates are the company’s chief concerns.”
Several other equities analysts have also recently commented on PLD. Capital One Financial Corp. cut Prologis from an “equal weight” rating to an “underweight” rating and set a $48.00 target price for the company. in a research note on Monday, August 8th. Robert W. Baird cut Prologis from an “outperform” rating to a “neutral” rating and increased their target price for the company from $52.00 to $54.00 in a research note on Wednesday, August 17th. BTIG Research assumed coverage on Prologis in a research report on Thursday, August 25th. They set a “buy” rating and a $60.00 price target on the stock. Wells Fargo & Co. reissued a “neutral” rating on shares of Prologis in a research report on Sunday, September 4th. Finally, Morgan Stanley set a $58.00 price target on Prologis and gave the company a “buy” rating in a research report on Tuesday, September 6th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $51.31.
Shares of Prologis (NYSE:PLD) traded down 0.02% during midday trading on Friday, hitting $49.70. 1,185,682 shares of the company’s stock traded hands. The stock has a market cap of $26.27 billion, a P/E ratio of 29.69 and a beta of 1.15. Prologis has a 52 week low of $35.25 and a 52 week high of $54.87. The company has a 50 day moving average of $50.21 and a 200 day moving average of $50.90.
Prologis (NYSE:PLD) last released its earnings results on Thursday, October 20th. The company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.03. The company earned $705 million during the quarter, compared to analysts’ expectations of $221.07 million. Prologis had a return on equity of 4.86% and a net margin of 34.73%. The business’s revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.58 EPS. On average, equities analysts forecast that Prologis will post ($0.27) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. purchased a new position in shares of Prologis during the first quarter valued at $1,112,000. LPL Financial LLC boosted its position in shares of Prologis by 9.4% in the first quarter. LPL Financial LLC now owns 32,061 shares of the company’s stock valued at $1,415,000 after buying an additional 2,751 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Prologis by 1.8% in the first quarter. Arizona State Retirement System now owns 142,300 shares of the company’s stock valued at $6,287,000 after buying an additional 2,500 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Prologis by 359.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 29,517 shares of the company’s stock valued at $1,305,000 after buying an additional 23,095 shares in the last quarter. Finally, British Columbia Investment Management Corp boosted its position in shares of Prologis by 1.4% in the second quarter. British Columbia Investment Management Corp now owns 334,389 shares of the company’s stock valued at $16,398,000 after buying an additional 4,505 shares in the last quarter. 98.90% of the stock is owned by institutional investors and hedge funds.
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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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