1832 Asset Management L.P. Grows Stake in Prologis, Inc. (NYSE:PLD)

1832 Asset Management L.P. raised its position in shares of Prologis, Inc. (NYSE:PLD) by 137.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,856,632 shares of the real estate investment trust’s stock after purchasing an additional 1,075,614 shares during the period. 1832 Asset Management L.P.’s holdings in Prologis were worth $208,518,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Optimum Investment Advisors purchased a new stake in Prologis in the first quarter worth about $26,000. American Capital Advisory LLC bought a new stake in shares of Prologis in the 2nd quarter valued at about $26,000. True Wealth Design LLC purchased a new stake in shares of Prologis in the 4th quarter worth approximately $27,000. Central Valley Advisors LLC bought a new position in shares of Prologis during the second quarter valued at approximately $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new position in Prologis during the second quarter valued at approximately $31,000. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PLD. StockNews.com upgraded Prologis from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Scotiabank upped their price objective on Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. Wells Fargo & Company lifted their target price on Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. Mizuho reduced their target price on shares of Prologis from $130.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, May 31st. Finally, Argus raised their price target on shares of Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prologis has an average rating of “Moderate Buy” and an average target price of $133.35.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.

Prologis Stock Down 2.4 %

Prologis stock opened at $125.47 on Friday. The business’s 50-day simple moving average is $125.48 and its two-hundred day simple moving average is $118.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $116.17 billion, a PE ratio of 36.69, a PEG ratio of 3.36 and a beta of 1.07. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52.

Prologis (NYSE:PLD) last issued its earnings results 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). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the prior year, the company earned $1.83 EPS. Prologis’s quarterly revenue was down 18.1% on a year-over-year basis. Equities analysts anticipate that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.06%. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

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.