Duke Realty (DRE) Lowered to Sell at Zacks Investment Research

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Zacks Investment Research downgraded shares of Duke Realty (NYSE:DRE) from a hold rating to a sell rating in a report released on Monday morning, Zacks.com reports.

According to Zacks, “Duke Realty announced signing a lease with Old World Industries for 354,400-squarefoot of space at a Bolingbrook property in the I-55 submarket. In recent years, the company has made concerted efforts to transform itself into a domestic focused industrial property REIT. Nevertheless, recovery in the industrial market has continued for long, and a whole lot of new buildings are slated to be completed and made available in the near term. This will lead to higher supply, and lesser scope for rent and occupancy growth. Also, of late, the domestic economy has been losing steam and concerns are brewing up regarding the fate of the U.S. economy amid prevalent trade-war tensions, uneasiness in global economy and the declining stimulus from the lower tax rates. This, in turn, might affect the company’s business and limit its growth tempo. Also, shares of Duke Realty have underperformed the industry it belongs to, in the past three months.”

Other research analysts have also recently issued reports about the stock. BTIG Research upgraded shares of Duke Realty from a neutral rating to a buy rating in a report on Tuesday, January 8th. BMO Capital Markets reiterated a buy rating and issued a $30.00 price objective on shares of Duke Realty in a report on Wednesday, January 30th. SunTrust Banks upgraded shares of Duke Realty from a hold rating to a buy rating in a report on Tuesday, January 15th. Barclays reiterated a hold rating and issued a $28.00 price objective on shares of Duke Realty in a report on Thursday, February 14th. Finally, JPMorgan Chase & Co. upgraded shares of Duke Realty from a neutral rating to an overweight rating in a report on Wednesday, December 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Duke Realty currently has a consensus rating of Buy and a consensus price target of $36.11.

Duke Realty stock opened at $30.61 on Monday. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $11.09 billion, a PE ratio of 23.02, a P/E/G ratio of 4.54 and a beta of 0.76. Duke Realty has a 12-month low of $24.67 and a 12-month high of $31.07.

Duke Realty (NYSE:DRE) last posted its quarterly earnings data on Wednesday, January 30th. The real estate investment trust reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.17). The company had revenue of $202.86 million during the quarter, compared to the consensus estimate of $200.75 million. Duke Realty had a net margin of 40.48% and a return on equity of 8.02%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. As a group, sell-side analysts anticipate that Duke Realty will post 1.39 EPS for the current fiscal year.

In related news, EVP Nicholas C. Anthony sold 9,937 shares of the stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $29.07, for a total transaction of $288,868.59. Following the completion of the sale, the executive vice president now directly owns 28,016 shares of the company’s stock, valued at $814,425.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Melanie R. Sabelhaus sold 5,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $30.89, for a total transaction of $154,450.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,674 shares of company stock valued at $2,805,226. Company insiders own 0.29% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Macroview Investment Management LLC purchased a new stake in shares of Duke Realty in the 4th quarter valued at approximately $32,000. Capital Investment Advisory Services LLC purchased a new stake in shares of Duke Realty in the 4th quarter valued at approximately $35,000. Pearl River Capital LLC purchased a new stake in shares of Duke Realty in the 4th quarter valued at approximately $109,000. Berman Capital Advisors LLC purchased a new stake in shares of Duke Realty in the 4th quarter valued at approximately $136,000. Finally, ClariVest Asset Management LLC lifted its position in shares of Duke Realty by 9.8% in the 4th quarter. ClariVest Asset Management LLC now owns 6,272 shares of the real estate investment trust’s stock valued at $162,000 after acquiring an additional 562 shares in the last quarter. 93.67% of the stock is owned by institutional investors and hedge funds.

About Duke Realty

Duke Realty Corporation owns and operates approximately 153 million rentable square feet of industrial assets in 20 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500 Index.

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