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Goodman Group share price hits new 10-year high of $5.41 per share

The Goodman Group (ASX: GMG) share price hit a new 10-year high of $8.66 this morning.

Shares of the Australian real estate investment company are up 21% in the past year, and 29% over the past 10 years.

According to Google Finance, Goodman Group is a global integrated property company. The Company is engaged in owning, developing and managing industrial property and business space in the markets across the world. The principal activities of the Company are investment in directly and indirectly held industrial property, property services, property development (including development management) and fund management.

The Company’s segments include Australia and New Zealand, Asia, Continental Europe, United Kingdom and Americas. The Company’s portfolio consists of approximately 190 properties located in Sydney, Melbourne, Brisbane, Adelaide, Canberra and Perth.

Shares have risen after the company announced strong underlying results at the half year, despite a fall in statutory profit. Goodman also announced a strategy update which declared a continuing strong focus on the Sydney, Auckland, and Hong Kong markets.

At a unit price of $8.66, Goodman Group trades on 18 times forward earnings estimates, and pays an estimated 2.9% dividend.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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