Zacks Investment Research cut shares of Prologis, Inc. (NYSE:PLD) from a buy rating to a hold rating in a research report sent to investors on Thursday.

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 the stock. BidaskClub upgraded shares of Prologis from a hold rating to a buy rating in a report on Tuesday, August 1st. KeyCorp boosted their price objective on shares of Prologis from $62.00 to $65.00 and gave the stock a buy rating in a report on Tuesday, July 25th. Barclays PLC restated an overweight rating and issued a $61.00 price objective (up from $59.00) on shares of Prologis in a report on Monday, July 24th. Evercore ISI restated an outperform rating and issued a $64.00 price objective (up from $61.00) on shares of Prologis in a report on Friday, July 21st. Finally, Stifel Nicolaus restated a buy rating and issued a $60.00 price objective on shares of Prologis in a report on Thursday, July 6th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $59.60.

Prologis (PLD) traded up 0.39% during trading on Thursday, hitting $61.36. The stock had a trading volume of 1,631,473 shares. The stock’s 50-day moving average price is $58.87 and its 200-day moving average price is $54.22. The company has a market capitalization of $32.64 billion, a P/E ratio of 27.54 and a beta of 0.94. Prologis has a 1-year low of $45.93 and a 1-year high of $61.81.

Prologis (NYSE:PLD) last announced its quarterly earnings data on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06. Prologis had a net margin of 43.99% and a return on equity of 6.65%. The company had revenue of $766.18 million during the quarter, compared to analyst estimates of $576 million. During the same period in the previous year, the business earned $0.60 EPS. The firm’s revenue for the quarter was up 27.2% on a year-over-year basis. Analysts expect that Prologis will post ($0.27) earnings per share for the current year.

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In other news, CEO Hamid R. Moghadam sold 271,788 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were 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 owns 36,997 shares of the company’s stock, valued at approximately $2,073,311.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Hamid R. Moghadam sold 14,067 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $56.00, for a total transaction of $787,752.00. Following the sale, the chief executive officer now directly owns 3,267 shares of the company’s stock, valued at approximately $182,952. The disclosure for this sale can be found here. In the last three months, insiders have sold 483,807 shares of company stock valued at $27,400,851. Insiders own 1.31% of the company’s stock.

Several large investors have recently modified their holdings of PLD. Creative Planning increased its stake 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 worth $104,000 after buying an additional 234 shares during the last quarter. Guardian Life Insurance Co. of America increased its stake in shares of Prologis by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 2,039 shares of the real estate investment trust’s stock worth $106,000 after buying an additional 14 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Prologis by 10.7% in the first quarter. IFP Advisors Inc now owns 2,249 shares of the real estate investment trust’s stock worth $117,000 after buying an additional 218 shares during the last quarter. Independent Portfolio Consultants Inc. increased its stake in shares of Prologis by 82.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,718 shares of the real estate investment trust’s stock worth $159,000 after buying an additional 1,225 shares during the last quarter. Finally, Solaris Asset Management LLC increased its stake in shares of Prologis by 1.8% in the first quarter. Solaris Asset Management LLC now owns 2,825 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 50 shares during the last quarter. 95.96% of the stock is owned by hedge funds and other institutional investors.

Prologis Company Profile

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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