Prologis, Inc. (NYSE:PLD) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its holdings in Prologis, Inc. (NYSE:PLD) by 6.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,729 shares of the real estate investment trust’s stock after selling 3,700 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Prologis were worth $6,371,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new stake in shares of Prologis during the fourth quarter valued at about $45,000. Gilbert & Cook Inc. lifted its stake in shares of Prologis by 4.4% in the 4th quarter. Gilbert & Cook Inc. now owns 5,487 shares of the real estate investment trust’s stock worth $731,000 after acquiring an additional 233 shares during the period. Choreo LLC acquired a new stake in shares of Prologis in the 4th quarter worth approximately $231,000. Certuity LLC bought a new position in shares of Prologis in the fourth quarter valued at approximately $342,000. Finally, Global Wealth Management Investment Advisory Inc. increased its stake in shares of Prologis by 4.5% during the fourth quarter. Global Wealth Management Investment Advisory Inc. now owns 3,619 shares of the real estate investment trust’s stock valued at $482,000 after acquiring an additional 157 shares during the period. Institutional investors own 93.50% of the company’s stock.

Prologis Stock Performance

Shares of Prologis stock opened at $127.82 on Friday. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52. The company has a quick ratio of 0.29, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. The stock has a market cap of $118.34 billion, a PE ratio of 37.37, a price-to-earnings-growth ratio of 3.02 and a beta of 1.06. The business has a fifty day simple moving average of $121.00 and a 200-day simple moving average of $119.18.

Prologis (NYSE:PLD) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company’s revenue was down 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.83 earnings per share. On average, sell-side analysts anticipate that Prologis, Inc. will post 5.43 EPS for the current fiscal year.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the transaction, the executive now owns 13,187 shares in the company, valued at approximately $1,702,046.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PLD has been the subject of a number of research reports. Bank of America reaffirmed a “neutral” rating and set a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Morgan Stanley lifted their target price on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Mizuho dropped their price target on shares of Prologis from $130.00 to $120.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $124.00 to $127.00 in a research note on Monday, August 5th. Finally, Barclays boosted their target price on shares of Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $133.12.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.