Pershing Square (NYSE:PS) Cut to Hold at JonesTrading

JonesTrading cut shares of Pershing Square (NYSE:PS) from a buy rating to a hold rating in a report published on Tuesday, Marketbeat.com reports.

PS has been the topic of a number of other research reports. Wells Fargo & Company upped their price target on shares of Pershing Square from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 3rd. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Tigress Financial lifted their target price on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Royal Bank Of Canada dropped their target price on shares of Pershing Square from $40.00 to $38.00 and set a “sector perform” rating on the stock in a research note on Monday, July 13th. Finally, Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $41.89.

Pershing Square Stock Down 5.0%

Shares of NYSE:PS opened at $53.13 on Tuesday. The company’s fifty day moving average is $41.47. The stock has a market capitalization of $21.25 billion and a PE ratio of 379.50. Pershing Square has a 12-month low of $22.01 and a 12-month high of $59.94.

Pershing Square (NYSE:PS) last released its earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. Sell-side analysts predict that Pershing Square will post 0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Rivernorth Capital Management LLC bought a new stake in Pershing Square in the 2nd quarter worth approximately $14,787,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Pershing Square during the 2nd quarter valued at $9,858,000. Equitec Proprietary Markets LLC bought a new position in shares of Pershing Square during the 2nd quarter valued at $3,828,000. NewEdge Advisors LLC bought a new position in shares of Pershing Square during the 2nd quarter valued at $1,702,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Pershing Square in the 2nd quarter worth $1,459,000.

About Pershing Square

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.