Zacks Investment Research upgraded shares of Prologis Inc. (NYSE:PLD) from a hold rating to a buy rating in a research report released on Thursday. Zacks Investment Research currently has $56.00 price target on the stock.
According to Zacks, “Prologis has positive record of funds from operations (FFO) per share surprises in recent quarters. Amid a consistent shift toward e-commerce and supply chain strategy transformations, the company is well poised to benefit from its capacity to offer modern distribution facilities in strategic infill locations. In fact, the company’s occupancy and leasing volumes remained high in third-quarter 2016. It witnessed broad-based demand across customer segments, driven by e-commerce, automotive, consumer products and construction supplies. Also, Prologis remains focused on bolstering its liquidity, which is encouraging. Nevertheless, rising number of new facilities, competitive landscape and any further hike in interest rates are the company’s chief concerns.”
A number of other brokerages have also weighed in on PLD. Morgan Stanley set a $58.00 target price on Prologis and gave the stock a buy rating in a research report on Tuesday, September 6th. Capital One Financial Corp. lowered Prologis from an equal weight rating to an underweight rating and set a $48.00 target price for the company. in a research report on Monday, August 8th. Wells Fargo & Co. reissued a neutral rating on shares of Prologis in a research report on Sunday, September 4th. Robert W. Baird lowered Prologis from an outperform rating to a neutral rating and boosted their target price for the stock from $52.00 to $54.00 in a research report on Wednesday, August 17th. Finally, BTIG Research started coverage on Prologis in a research report on Thursday, August 25th. They issued a buy rating and a $60.00 target price for the company. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. Prologis has a consensus rating of Hold and an average price target of $51.31.
Prologis (NYSE:PLD) opened at 49.71 on Thursday. The company has a market capitalization of $26.28 billion, a price-to-earnings ratio of 29.70 and a beta of 1.15. The stock has a 50 day moving average of $50.21 and a 200-day moving average of $50.90. Prologis has a 52-week low of $35.25 and a 52-week high of $54.87.
Prologis (NYSE:PLD) last posted its quarterly earnings results on Thursday, October 20th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. The firm earned $705 million during the quarter, compared to analyst estimates of $221.07 million. Prologis had a return on equity of 4.86% and a net margin of 34.73%. Prologis’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 EPS. On average, equities research analysts anticipate that Prologis will post ($0.27) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Prologis by 2.3% in the second quarter. Vanguard Group Inc. now owns 73,654,987 shares of the company’s stock worth $3,612,041,000 after buying an additional 1,623,990 shares in the last quarter. Cohen & Steers Inc. increased its position in Prologis by 194.7% in the second quarter. Cohen & Steers Inc. now owns 31,179,168 shares of the company’s stock worth $1,529,026,000 after buying an additional 20,598,621 shares in the last quarter. FMR LLC increased its position in Prologis by 22.4% in the second quarter. FMR LLC now owns 18,463,142 shares of the company’s stock worth $905,433,000 after buying an additional 3,379,560 shares in the last quarter. BlackRock Fund Advisors increased its position in Prologis by 4.2% in the third quarter. BlackRock Fund Advisors now owns 16,213,399 shares of the company’s stock worth $868,065,000 after buying an additional 653,321 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Prologis by 4.1% in the third quarter. Daiwa Securities Group Inc. now owns 16,076,303 shares of the company’s stock worth $860,726,000 after buying an additional 638,992 shares in the last quarter. Hedge funds and other institutional investors own 98.90% of the company’s stock.
Prologis, Inc is engaged in logistics real estate business, focused on markets across the Americas, Europe and Asia. The Company owns or has investments in, on a basis or through co-investment ventures, properties and development projects in over 20 countries. Its segments include Real Estate Operations and Strategic Capital.