Zacks Investment Research upgraded shares of Prologis, Inc. (NYSE:PLD) from a hold rating to a buy rating in a research note published on Monday, July 31st. The firm currently has $69.00 price target on the real estate investment trust’s stock.
According to Zacks, “Shares of Prologis have outperformed the industry it belongs to, year to date. Moreover, full-year 2017 estimates for funds from operations (FFO) per share moved north over the past 30 days. Recently, the company reported a better-than-expected second-quarter 2017 core FFO per share. Results reflect growth in rents and high occupancy. Further, this industrial REIT raised its core FFO per share outlook for full-year 2017 amid solid operating fundamentals and higher net promote income. 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.”
A number of other equities analysts have also weighed in on PLD. BTIG Research reiterated a buy rating and set a $57.00 price objective on shares of Prologis in a research note on Tuesday, April 11th. BidaskClub lowered Prologis from a strong-buy rating to a buy rating in a research note on Wednesday, June 21st. Royal Bank Of Canada reiterated a buy rating and set a $59.00 price objective on shares of Prologis in a research note on Thursday, June 8th. Stifel Nicolaus lifted their price objective on Prologis from $57.00 to $60.00 and gave the company a buy rating in a research note on Tuesday, May 30th. Finally, Evercore ISI lifted their price objective on Prologis from $58.00 to $59.00 and gave the company an outperform rating in a research note on Wednesday, April 19th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Prologis currently has a consensus rating of Buy and a consensus target price of $59.60.
Prologis (PLD) traded down 0.11% during mid-day trading on Monday, reaching $61.23. The company had a trading volume of 1,993,934 shares. The stock’s 50-day moving average price is $59.89 and its 200 day moving average price is $55.04. The firm has a market capitalization of $32.57 billion, a PE ratio of 27.48 and a beta of 0.94. Prologis has a 52 week low of $45.93 and a 52 week high of $62.87.
Prologis (NYSE:PLD) last released its quarterly earnings data on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.06. The business had revenue of $766.18 million during the quarter, compared to analyst estimates of $576 million. Prologis had a return on equity of 6.65% and a net margin of 43.99%. The company’s revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. On average, equities research analysts predict that Prologis will post ($0.27) EPS for the current year.
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In other Prologis news, CEO Hamid R. Moghadam sold 271,788 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $56.04, for a total transaction of $15,230,999.52. Following the completion of the sale, the chief executive officer now directly owns 36,997 shares in the company, valued at approximately $2,073,311.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Hamid R. Moghadam sold 14,067 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $56.00, for a total value of $787,752.00. Following the sale, the chief executive officer now owns 3,267 shares of the company’s stock, valued at $182,952. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 458,807 shares of company stock valued at $26,018,101. 1.31% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. boosted its position in shares of Prologis by 34.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,101,770 shares of the real estate investment trust’s stock valued at $58,162,000 after buying an additional 280,839 shares in the last quarter. Pensionfund Sabic boosted its position in shares of Prologis by 10.0% in the first quarter. Pensionfund Sabic now owns 33,000 shares of the real estate investment trust’s stock valued at $1,712,000 after buying an additional 3,000 shares in the last quarter. Foundry Partners LLC boosted its position in shares of Prologis by 45.7% in the first quarter. Foundry Partners LLC now owns 134,100 shares of the real estate investment trust’s stock valued at $6,957,000 after buying an additional 42,050 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in shares of Prologis by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 456,324 shares of the real estate investment trust’s stock valued at $23,674,000 after buying an additional 14,610 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Prologis by 13.2% in the first quarter. Creative Planning now owns 2,009 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 234 shares in the last quarter. Institutional investors and hedge funds own 95.57% of the company’s stock.
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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