Pershing Square (NYSE:PS – Get Free Report) was downgraded by equities researchers at Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research note issued on Thursday, Zacks reports.
Other equities research analysts have also recently issued reports about the company. Tigress Financial upped their price objective on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Citigroup lowered shares of Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a research report on Wednesday, August 19th. Finally, JonesTrading cut shares of Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday. One research 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.com, the stock currently has a consensus rating of “Reduce” and an average target price of $41.89.
Check Out Our Latest Analysis on PS
Pershing Square Stock Performance
Pershing Square (NYSE:PS – Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. Research analysts anticipate that Pershing Square will post 0.56 earnings per share for the current year.
Institutional Trading of Pershing Square
A number of institutional investors have recently made changes to their positions in PS. Integrated Wealth Concepts LLC purchased a new position in Pershing Square during the 2nd quarter worth $132,000. Ancora Advisors LLC purchased a new stake in Pershing Square in the second quarter valued at about $302,000. Wedbush Securities Inc. purchased a new stake in Pershing Square in the second quarter valued at about $529,000. Hsbc Holdings PLC acquired a new stake in Pershing Square in the second quarter worth about $775,000. Finally, Readystate Asset Management LP acquired a new stake in Pershing Square in the second quarter worth about $822,000.
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.
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