Pershing Square (NYSE:PS) Downgraded by Citigroup to Sell

Pershing Square (NYSE:PS) was downgraded by stock analysts at Citigroup from a “neutral” rating to a “sell” rating in a research note issued to investors on Friday, MarketBeat.com reports. They presently have a $45.00 target price on the stock. Citigroup’s price objective points to a potential downside of 4.94% from the company’s previous close.

Several other equities research analysts also recently weighed in on PS. Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Tigress Financial lifted their price objective on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. JonesTrading downgraded Pershing Square from a “buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Wells Fargo & Company assumed coverage on shares of Pershing Square in a research note on Thursday, October 1st. They set an “underweight” rating and a $41.00 target price on the stock. Finally, Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $42.11.

Pershing Square Price Performance

Shares of NYSE:PS traded down $0.31 during trading on Friday, hitting $47.34. The company’s stock had a trading volume of 39,869 shares, compared to its average volume of 416,383. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $60.40. The firm’s 50 day simple moving average is $44.72. The stock has a market cap of $18.94 billion and a P/E ratio of 338.14.

Pershing Square (NYSE:PS) last announced its quarterly earnings data 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 during the quarter. On average, equities analysts predict that Pershing Square will post 0.55 earnings per share for the current year.

Institutional Trading of Pershing Square

Large investors have recently made changes to their positions in the company. 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 shares of Pershing Square in the second quarter valued at about $302,000. Wedbush Securities Inc. purchased a new stake in shares of Pershing Square in the second quarter valued at about $529,000. Hsbc Holdings PLC acquired a new stake in shares of Pershing Square during the second quarter worth about $775,000. Finally, Readystate Asset Management LP acquired a new stake in shares of Pershing Square during 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.