Prologis (NYSE:PLD) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Prologis (NYSE:PLD) from a hold rating to a sell rating in a research report sent to investors on Tuesday, December 26th.

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.”

Several other equities analysts have also recently commented on PLD. BTIG Research reaffirmed a buy rating and set a $68.00 price target (up previously from $62.00) on shares of Prologis in a research report on Wednesday, September 27th. KeyCorp reissued a buy rating and issued a $72.00 target price on shares of Prologis in a report on Thursday, December 21st. SunTrust Banks reissued a buy rating and issued a $68.00 target price on shares of Prologis in a report on Thursday, October 12th. BMO Capital Markets set a $69.00 price target on shares of Prologis and gave the company a buy rating in a research note on Tuesday, October 17th. Finally, Stifel Nicolaus restated a buy rating and issued a $65.00 price target on shares of Prologis in a research note on Thursday, September 21st. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Prologis currently has a consensus rating of Buy and an average price target of $66.57.

Shares of Prologis (NYSE:PLD) opened at $61.85 on Tuesday. The stock has a market capitalization of $32,802.86, a P/E ratio of 18.57, a P/E/G ratio of 3.95 and a beta of 0.92. 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 52 week low of $48.33 and a 52 week high of $67.53.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Tuesday, October 17th. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. The firm had revenue of $531.18 million during 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 firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. equities analysts forecast that Prologis will post 2.8 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Monday, December 18th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Friday, December 15th. Prologis’s dividend payout ratio (DPR) is currently 52.85%.

In related news, CFO Thomas S. Olinger sold 46,200 shares of Prologis stock in a transaction on 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 transaction, the chief financial officer now owns 36,325 shares in the company, valued at approximately $2,409,437.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eugene F. Reilly sold 18,000 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $66.55, for a total transaction of $1,197,900.00. Following the transaction, the chief executive officer now owns 63,365 shares in the company, valued at approximately $4,216,940.75. 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 three months. Company insiders own 1.31% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Capital World Investors boosted its position in shares of Prologis by 181.4% during the 2nd quarter. Capital World Investors now owns 6,640,000 shares of the real estate investment trust’s stock valued at $389,370,000 after acquiring an additional 4,280,000 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Prologis by 3,877.2% during the 2nd quarter. Lazard Asset Management LLC now owns 2,533,654 shares of the real estate investment trust’s stock valued at $148,573,000 after acquiring an additional 2,469,949 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Prologis by 2,672.5% during the 2nd quarter. Janus Henderson Group PLC now owns 1,985,678 shares of the real estate investment trust’s stock valued at $116,440,000 after acquiring an additional 1,914,058 shares in the last quarter. APG Asset Management US Inc. boosted its position in shares of Prologis by 8.0% during the 3rd quarter. APG Asset Management US Inc. now owns 17,942,319 shares of the real estate investment trust’s stock valued at $1,138,620,000 after acquiring an additional 1,330,850 shares in the last quarter. Finally, Cbre Clarion Securities LLC boosted its position in shares of Prologis by 8.7% during the 2nd quarter. Cbre Clarion Securities LLC now owns 8,902,292 shares of the real estate investment trust’s stock valued at $522,030,000 after acquiring an additional 709,311 shares in the last quarter. Institutional investors own 95.36% of the company’s stock.

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About Prologis

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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