Prologis Lowered to “Market Perform” at Cowen and Company (PLD)
Prologis (NYSE:PLD) was downgraded by Cowen and Company from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, American Banking & Market News reports. They currently have a $37.00 price objective on the stock, down from their previous price objective of $42.00. Cowen and Company’s price target points to a potential downside of 0.16% from the stock’s previous close.
Shares of Prologis (NYSE:PLD) traded down 0.24% on Thursday, hitting $37.06. 2,356,889 shares of the company’s stock traded hands. Prologis has a 52 week low of $32.31 and a 52 week high of $45.52. The stock has a 50-day moving average of $37.03 and a 200-day moving average of $39.26. The company’s market cap is $18.478 billion.
Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.41 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.37 by $0.04. The company had revenue of $419.50 million for the quarter, compared to the consensus estimate of $221.10 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was down 16.3% on a year-over-year basis. Analysts expect that Prologis will post $1.71 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at RBC Capital cut their price target on shares of Prologis (NYSE:PLD) from $46.00 to $44.00 in a research note to investors on Monday, July 29th. They now have an “outperform” rating on the stock. Separately, analysts at Imperial Capital raised their price target on shares of Prologis (NYSE:PLD) from $28.00 to $30.00 in a research note to investors on Friday, July 26th. They now have an “underperform” rating on the stock. Finally, analysts at SunTrust initiated coverage on shares of Prologis (NYSE:PLD) in a research note to investors on Friday, July 12th. They set a “buy” rating on the stock.
One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. Prologis presently has an average rating of “Hold” and an average price target of $39.20.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Thursday, September 12th.
Prologis, Inc (NYSE:PLD) is a real estate investment trust (REIT) and the general partner of the Prologis, L.
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