Prologis (NYSE:PLD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.
According to Zacks, “Shares of Prologis have outperformed its industry, over the past three months. Notably, the industrial real estate category continues to witness soaring demand for space amid healthy economy, job-market gains, high-consumer spending and e-commerce boom. Companies are making immense efforts to improve supply-chain efficiencies, propelling demand for logistics infrastructure and efficient distribution networks. Given Prologis’ balance-sheet strength and prudent financial management, it remains well poised to capitalize on this favorable trend. However, a whole lot of new buildings are slated to be completed and made available in the market in the near term, leading to higher supply and lesser scope for rent and occupancy growth. Additionally, any protectionist trade policies will have an adverse impact on economic growth, as well as the company’s business over the long term.”
Other research analysts also recently issued reports about the company. Barclays reaffirmed a “buy” rating on shares of Prologis in a report on Thursday, February 21st. BMO Capital Markets reissued a “buy” rating and issued a $70.00 price objective on shares of Prologis in a research report on Sunday, April 21st. Citigroup raised Prologis to a “buy” rating in a research report on Wednesday, May 1st. KeyCorp lifted their price objective on Prologis from $72.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, March 25th. Finally, Goldman Sachs Group initiated coverage on Prologis in a research report on Wednesday. They issued a “conviction-buy” rating for the company. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $74.15.
Shares of PLD stock traded up $1.71 during trading hours on Thursday, reaching $77.01. The company’s stock had a trading volume of 805,640 shares, compared to its average volume of 2,441,683. The company has a market cap of $47.35 billion, a PE ratio of 25.42, a P/E/G ratio of 4.17 and a beta of 1.03. Prologis has a fifty-two week low of $55.21 and a fifty-two week high of $78.56. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.36 and a current ratio of 0.36.
Prologis (NYSE:PLD) last issued its earnings results on Tuesday, April 16th. The real estate investment trust reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.01. The firm had revenue of $696.80 million for the quarter, compared to the consensus estimate of $687.21 million. Prologis had a return on equity of 6.83% and a net margin of 56.56%. The company’s revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 EPS. On average, equities analysts predict that Prologis will post 3.22 EPS for the current fiscal year.
In related news, insider Edward S. Nekritz sold 16,059 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $71.86, for a total value of $1,153,999.74. Following the completion of the sale, the insider now directly owns 51,792 shares of the company’s stock, valued at approximately $3,721,773.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward S. Nekritz sold 30,671 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $75.01, for a total value of $2,300,631.71. Following the completion of the sale, the insider now directly owns 21,121 shares of the company’s stock, valued at $1,584,286.21. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Berman Capital Advisors LLC boosted its stake in Prologis by 105.3% during the 1st quarter. Berman Capital Advisors LLC now owns 388 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 199 shares during the last quarter. Cresset Asset Management LLC acquired a new position in Prologis during the 1st quarter valued at about $29,000. Benjamin F. Edwards & Company Inc. boosted its stake in Prologis by 134.5% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 523 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 300 shares during the last quarter. Clean Yield Group acquired a new position in Prologis during the 4th quarter valued at about $31,000. Finally, PRW Wealth Management LLC acquired a new position in Prologis during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 94.95% of the company’s stock.
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 768 million square feet (71 million square meters) in 19 countries.
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