Zacks Investment Research Downgrades Prologis, Inc. (PLD) to Hold
Prologis, Inc. (NYSE:PLD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Shares of Prologis have outperformed the industry it belongs to, year to date. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share remaining unchanged in a month’s time. In August, the company announced the acquisition of its partner’s stake in the Brazil portfolio, which enabled the company gain full ownership of Prologis CCP. Further, the company completed 20 build-to-suit development projects in the first half of the year. Amid an improving industrial market, Prologis is well poised to benefit from its capacity to offer modern distribution facilities in strategic infill locations. However, increase in supply of new facilities and stiff competition from other markets participants remain concerns. Further, unfavorable foreign exchange movements and hike in interest rates remain risks.”
Several other brokerages also recently weighed in on PLD. BMO Capital Markets began coverage on shares of Prologis in a report on Monday, September 11th. They issued an “outperform” rating and a $69.00 target price on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $65.00 target price on shares of Prologis in a report on Thursday, September 21st. SunTrust Banks, Inc. raised shares of Prologis from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Tuesday, September 5th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $66.00 target price (up previously from $59.00) on shares of Prologis in a report on Thursday, August 24th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $65.00 target price on shares of Prologis in a report on Sunday, August 27th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $61.69.
Shares of Prologis (NYSE PLD) opened at 62.91 on Tuesday. Prologis has a 1-year low of $45.93 and a 1-year high of $65.49. The stock has a market capitalization of $33.46 billion, a price-to-earnings ratio of 28.24 and a beta of 0.93. The stock’s 50 day moving average is $62.54 and its 200 day moving average is $57.16.
Prologis (NYSE:PLD) last issued its earnings results on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.06. The business had revenue of $766.18 million for the quarter, compared to the consensus estimate of $576.00 million. Prologis had a net margin of 43.99% and a return on equity of 6.65%. The business’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 earnings per share. On average, equities analysts forecast that Prologis will post ($0.27) EPS for the current year.
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In other Prologis news, Director Carl B. Webb sold 20,000 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $61.38, for a total value of $1,227,600.00. Following the sale, the director now owns 66,078 shares of the company’s stock, valued at $4,055,867.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.31% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Prologis by 0.3% in the second quarter. Vanguard Group Inc. now owns 76,905,109 shares of the real estate investment trust’s stock valued at $4,509,716,000 after purchasing an additional 249,341 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Prologis by 1.3% in the second quarter. BlackRock Inc. now owns 51,529,145 shares of the real estate investment trust’s stock valued at $3,021,668,000 after purchasing an additional 673,429 shares in the last quarter. State Street Corp lifted its holdings in shares of Prologis by 0.6% in the first quarter. State Street Corp now owns 31,172,110 shares of the real estate investment trust’s stock valued at $1,617,220,000 after purchasing an additional 177,743 shares in the last quarter. FMR LLC lifted its holdings in shares of Prologis by 9.4% in the first quarter. FMR LLC now owns 24,650,787 shares of the real estate investment trust’s stock valued at $1,278,883,000 after purchasing an additional 2,127,092 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Prologis by 8.3% in the first quarter. JPMorgan Chase & Co. now owns 13,064,732 shares of the real estate investment trust’s stock valued at $677,801,000 after purchasing an additional 996,367 shares in the last quarter. 95.91% of the stock is currently owned by institutional investors.
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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