Prologis (PLD) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Prologis (NYSE:PLD) from a hold rating to a sell rating in a report issued on Tuesday morning.
According to Zacks, “Shares of Prologis have underperformed the industry it belongs to, in the past month. Moreover, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward over the same time frame. Notably, the industrial real estate market is enjoying elevated demand for logistics infrastructure amid an e-commerce boom, recovering economy and job market as well as healthy manufacturing environment. 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. Also, rate hike have added to the company’s woes. Nevertheless, the company has balance sheet strength and capacity to offer modern distribution facilities in strategic infill locations.”
Other analysts have also recently issued research reports about the company. KeyCorp reaffirmed a buy rating and set a $65.00 target price on shares of Prologis in a research report on Friday, September 29th. BTIG Research reaffirmed a buy rating and set a $68.00 target price (up previously from $62.00) on shares of Prologis in a research report on Wednesday, September 27th. BMO Capital Markets set a $69.00 target price on Prologis and gave the company a buy rating in a research report on Tuesday, October 17th. JPMorgan Chase & Co. cut Prologis from an overweight rating to a neutral rating and set a $66.00 target price on the stock. in a research report on Friday, December 15th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $65.00 target price on shares of Prologis in a research report on Thursday, September 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Prologis presently has an average rating of Buy and an average target price of $66.57.
Shares of Prologis (PLD) opened at $64.76 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.53. Prologis has a fifty-two week low of $48.33 and a fifty-two week high of $67.53. The firm has a market capitalization of $34,460.00, a P/E ratio of 19.45, a PEG ratio of 4.23 and a beta of 0.91.
Prologis (NYSE:PLD) last issued its quarterly earnings results on Tuesday, October 17th. The real estate investment trust reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. The firm had revenue of $531.18 million for the quarter, compared to the consensus estimate of $573.68 million. Prologis had a return on equity of 9.93% and a net margin of 68.50%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. research analysts anticipate that Prologis will post 2.8 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Monday, December 18th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, December 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.72%. Prologis’s payout ratio is currently 52.85%.
In related news, insider Lori A. Palazzolo sold 4,900 shares of Prologis stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $65.89, for a total value of $322,861.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas S. Olinger sold 46,200 shares of Prologis stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $66.33, for a total value of $3,064,446.00. Following the completion of the transaction, the chief financial officer now owns 36,325 shares of the company’s stock, valued at approximately $2,409,437.25. The disclosure for this sale can be found here. Insiders have sold a total of 99,852 shares of company stock valued at $6,600,519 in the last quarter. Company insiders own 1.31% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Evercore Wealth Management LLC increased its stake in shares of Prologis by 18.2% in the 2nd quarter. Evercore Wealth Management LLC now owns 2,270 shares of the real estate investment trust’s stock valued at $134,000 after purchasing an additional 350 shares in the last quarter. ETF Managers Group LLC purchased a new position in shares of Prologis in the 2nd quarter valued at about $193,000. Segment Wealth Management LLC purchased a new position in shares of Prologis in the 3rd quarter valued at about $213,000. BB&T Securities LLC purchased a new position in shares of Prologis in the 3rd quarter valued at about $213,000. Finally, Commerce Bank purchased a new position in shares of Prologis in the 2nd quarter valued at about $209,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.
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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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