Pershing Square (NYSE:PS) Stock Bumped Down to “Strong Sell” by Wells Fargo & Company

Pershing Square (NYSE:PS) was downgraded by stock analysts at Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other equities research analysts have also recently issued reports on the stock. Tigress Financial boosted their price objective on shares of Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. Citigroup downgraded 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 note on Wednesday, August 19th. JonesTrading lowered Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday. Weiss Ratings raised Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Pershing Square from a “sell” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $41.89.

Pershing Square Trading Down 1.0%

Shares of NYSE PS opened at $52.68 on Thursday. Pershing Square has a 1 year low of $22.01 and a 1 year high of $59.94. The stock has a 50-day moving average price of $41.84. The company has a market capitalization of $21.07 billion and a P/E ratio of 376.29.

Pershing Square (NYSE:PS) last issued its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. As a group, research analysts predict that Pershing Square will post 0.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pershing Square

Several large investors have recently modified their holdings of the business. Rivernorth Capital Management LLC bought a new position in shares of Pershing Square during the second quarter valued at approximately $14,787,000. Clal Insurance Enterprises Holdings Ltd bought a new position in Pershing Square in the second quarter worth approximately $9,858,000. Equitec Proprietary Markets LLC bought a new position in Pershing Square in the second quarter worth approximately $3,828,000. NewEdge Advisors LLC purchased a new stake in Pershing Square during the second quarter worth $1,702,000. Finally, Proficio Capital Partners LLC bought a new stake in Pershing Square during the 2nd quarter valued at $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.