Pershing Square (NYSE:PS) Stock Bumped Up to “Hold” by Wall Street Zen

Wall Street Zen upgraded shares of Pershing Square (NYSE:PS) from a sell rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

PS has been the topic of several other reports. Wells Fargo & Company began coverage on shares of Pershing Square in a research report on Thursday. They set an “underweight” rating and a $41.00 price objective on the stock. JonesTrading cut Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Citigroup downgraded Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, August 19th. Tigress Financial upped their target price on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Finally, Royal Bank Of Canada cut their price target on Pershing Square from $40.00 to $38.00 and set a “sector perform” rating for the company in a research note on Monday, July 13th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Pershing Square has an average rating of “Reduce” and an average price target of $41.89.

Pershing Square Price Performance

Shares of NYSE:PS opened at $52.68 on Friday. The firm has a market cap of $21.07 billion and a P/E ratio of 376.29. The firm’s fifty day moving average is $41.84. Pershing Square has a one year low of $22.01 and a one year high of $59.94.

Pershing Square (NYSE:PS) last issued its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. As a group, research analysts expect that Pershing Square will post 0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pershing Square

Several hedge funds have recently bought and sold shares of the business. Rivernorth Capital Management LLC bought a new position in Pershing Square during the second quarter valued at about $14,787,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Pershing Square during the 2nd quarter worth about $9,858,000. Equitec Proprietary Markets LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $3,828,000. NewEdge Advisors LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $1,702,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Pershing Square in the 2nd quarter valued at approximately $1,459,000.

Pershing Square Company Profile

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.