Prologis, Inc. (PLD) Lifted to Buy at Zacks Investment Research
Prologis, Inc. (NYSE:PLD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $71.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.49% from the company’s current price.
According to Zacks, “Shares of Prologis have outperformed the industry it belongs to, year to date. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in two months’ time. In August, the company completed the acquisition of its partner’s stake in the Brazil portfolio. This move enabled the company gain full ownership of Prologis CCP, which was a joint venture between Prologis and Cyrela Commercial Properties. Further, the company’s build-to-suit activity also remained solid in 2017, with the company completing 20 such development projects in the first half. These projects included over 7 million square feet of space. Amid an improving industrial market, Prologis is well poised to benefit from its capacity to offer modern distribution facilities in strategic infill locations. However, increase in supply of new facilities and hike in interest rates remain concerns.”
Other research analysts have also issued research reports about the stock. Evercore ISI reiterated an “outperform” rating and set a $64.00 price objective (up previously from $61.00) on shares of Prologis in a research note on Friday, July 21st. Barclays PLC reiterated an “overweight” rating and set a $61.00 price objective (up previously from $59.00) on shares of Prologis in a research note on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and set a $66.00 price objective (up previously from $59.00) on shares of Prologis in a research note on Thursday, August 24th. BidaskClub upgraded shares of Prologis from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 18th. Finally, KeyCorp boosted their price objective on shares of Prologis from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $61.00.
Prologis (NYSE:PLD) traded up 0.47% during midday trading on Monday, hitting $63.98. 1,110,737 shares of the stock were exchanged. The company has a market cap of $34.03 billion, a PE ratio of 28.72 and a beta of 0.93. The firm’s 50 day moving average price is $62.54 and its 200 day moving average price is $57.16. Prologis has a 12 month low of $45.93 and a 12 month high of $65.49.
Prologis (NYSE:PLD) last posted its quarterly earnings data on Tuesday, July 18th. The real estate investment trust reported $0.84 EPS for the quarter, topping the consensus estimate of $0.78 by $0.06. The firm had revenue of $766.18 million during the quarter, compared to analyst estimates of $576.00 million. Prologis had a net margin of 43.99% and a return on equity of 6.65%. Prologis’s revenue was up 27.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 EPS. On average, equities research analysts forecast that Prologis will post ($0.27) earnings per share for the current fiscal year.
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In other Prologis news, Director Carl B. Webb sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $61.38, for a total transaction of $1,227,600.00. Following the sale, the director now owns 66,078 shares of the company’s stock, valued at approximately $4,055,867.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.31% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America boosted its holdings in shares of Prologis by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 2,039 shares of the real estate investment trust’s stock valued at $106,000 after acquiring an additional 14 shares during the last quarter. Creative Planning boosted its holdings in shares of Prologis by 3.4% in the 2nd quarter. Creative Planning now owns 2,078 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 69 shares during the last quarter. Evercore Wealth Management LLC boosted its holdings 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 acquiring an additional 350 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its holdings in shares of Prologis by 82.0% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,718 shares of the real estate investment trust’s stock valued at $159,000 after acquiring an additional 1,225 shares during the last quarter. Finally, Solaris Asset Management LLC boosted its holdings in shares of Prologis by 11.0% in the 2nd quarter. Solaris Asset Management LLC now owns 3,135 shares of the real estate investment trust’s stock valued at $184,000 after acquiring an additional 310 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors and hedge funds.
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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