Daiwa Securities Group Inc. has reduced its stake in Americold Realty Trust Inc., trading on the New York Stock Exchange as NYSE:COLD, by 14.8% during the second quarter of 2023. According to the company’s most recent 13F filing with the Securities and Exchange Commission (SEC), Daiwa now holds 4,260,928 shares after divesting 738,754 shares during the quarter. The value of its remaining holdings in Americold Realty Trust stands at approximately $70.9 million.
Several other institutional investors have also adjusted their positions in Americold. The Bank of Nova Scotia increased its stake by 69.3%, acquiring an additional 9,663 shares to reach a total of 23,614 shares, valued at around $393,000. The California Public Employees Retirement System raised its holdings by 6.1%, resulting in 510,106 shares worth approximately $8.5 million after purchasing 29,363 shares. Cerity Partners LLC increased its stake by 65.0%, now owning 18,195 shares valued at $303,000 following the acquisition of 7,168 shares.
First Trust Advisors LP also lifted its holdings in Americold by 1.9%, bringing its total to 73,671 shares valued at $1.2 million. Additionally, Kennedy Capital Management LLC established a new position in Americold, valued at approximately $8.1 million. Institutional investors now own 98.14% of the company’s stock.
Americold Realty Trust’s Stock Performance
As of the latest trading session on Tuesday, Americold Realty Trust opened at $10.59. The company maintains a debt-to-equity ratio of 0.16, with both current and quick ratios at 0.11. Over the past year, Americold’s stock has fluctuated between a low of $10.10 and a high of $23.62. The stock’s market capitalization is currently around $3.02 billion, with a price-to-earnings (P/E) ratio of -48.11 and a P/E growth (P/E/G) ratio of 3.38. The stock’s average moving prices stand at $12.15 for the last 50 days and $14.34 for the past 200 days.
Analyst Ratings and Market Outlook
Recent reports from analysts reflect varying opinions on Americold’s stock. Citigroup has lowered its price target from $13.00 to $11.00 while maintaining a “neutral” rating. Wall Street Zen downgraded the stock from a “hold” to a “sell” rating. In contrast, Zacks Research upgraded Americold from a “strong sell” to a “hold” rating.
Barclays has also revised its price target downward from $20.00 to $17.00, maintaining an “overweight” rating. Meanwhile, JPMorgan Chase & Co. cut its target from $15.00 to $12.00, assigning an “underweight” rating. Overall, five analysts have given the stock a buy rating, eight have rated it hold, and two have issued a sell rating. According to MarketBeat.com, Americold currently holds an average rating of “hold” with a consensus price target of $15.38.
Americold Realty Trust is a real estate investment trust focused on the ownership, operation, development, and acquisition of temperature-controlled warehouses. Its operations are divided into segments including Warehouse, Third-Party Managed, Transportation, and Other. The Warehouse segment generates income from rent and storage fees from customers storing frozen and perishable goods within its facilities.
