First Industrial Realty Trust (FR) Downgraded by Zacks Investment Research to Sell

First Industrial Realty Trust (NYSE:FR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

According to Zacks, “FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns, mamages, acquires and develops industrial real estste. “

A number of other analysts also recently commented on the company. ValuEngine downgraded First Industrial Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, April 11th. Stifel Nicolaus decreased their target price on First Industrial Realty Trust from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. SunTrust Banks set a $32.00 target price on First Industrial Realty Trust and gave the stock a “buy” rating in a report on Friday, March 2nd. Finally, Mizuho assumed coverage on First Industrial Realty Trust in a report on Monday, March 26th. They issued a “neutral” rating and a $31.00 target price on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $32.86.

FR opened at $33.50 on Wednesday. First Industrial Realty Trust has a one year low of $27.61 and a one year high of $33.75. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a market capitalization of $4.16 billion, a PE ratio of 21.34 and a beta of 0.90.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings data on Tuesday, April 24th. The real estate investment trust reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.17. First Industrial Realty Trust had a return on equity of 15.01% and a net margin of 53.92%. The company had revenue of $99.77 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. research analysts forecast that First Industrial Realty Trust will post 1.61 EPS for the current year.

In other news, insider Johannson L. Yap sold 19,156 shares of First Industrial Realty Trust stock in a transaction on Friday, April 27th. The stock was sold at an average price of $30.24, for a total transaction of $579,277.44. Following the transaction, the insider now owns 272,877 shares in the company, valued at $8,251,800.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Scott A. Musil sold 16,300 shares of First Industrial Realty Trust stock in a transaction on Friday, April 27th. The shares were sold at an average price of $30.31, for a total value of $494,053.00. Following the transaction, the chief financial officer now owns 108,672 shares in the company, valued at approximately $3,293,848.32. The disclosure for this sale can be found here. Insiders sold a total of 202,240 shares of company stock worth $6,492,222 over the last 90 days. Insiders own 1.59% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Meadow Creek Investment Management LLC grew its holdings in shares of First Industrial Realty Trust by 25.1% during the fourth quarter. Meadow Creek Investment Management LLC now owns 17,782 shares of the real estate investment trust’s stock valued at $560,000 after buying an additional 3,570 shares in the last quarter. BlackRock Inc. grew its holdings in shares of First Industrial Realty Trust by 9.8% during the fourth quarter. BlackRock Inc. now owns 18,349,221 shares of the real estate investment trust’s stock valued at $577,449,000 after buying an additional 1,645,026 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of First Industrial Realty Trust by 7.8% during the fourth quarter. Deutsche Bank AG now owns 527,003 shares of the real estate investment trust’s stock valued at $16,580,000 after buying an additional 38,232 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of First Industrial Realty Trust by 27.0% during the fourth quarter. Arizona State Retirement System now owns 86,262 shares of the real estate investment trust’s stock valued at $2,715,000 after buying an additional 18,321 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of First Industrial Realty Trust by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,184,783 shares of the real estate investment trust’s stock valued at $37,285,000 after buying an additional 53,962 shares in the last quarter. Institutional investors and hedge funds own 90.80% of the company’s stock.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types.

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