Clearbridge Investments LLC Sells 75,049 Shares of Prologis, Inc. (NYSE:PLD)

Clearbridge Investments LLC trimmed its position in shares of Prologis, Inc. (NYSE:PLD) by 12.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 526,217 shares of the real estate investment trust’s stock after selling 75,049 shares during the period. Clearbridge Investments LLC owned about 0.06% of Prologis worth $59,099,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PLD. Optimum Investment Advisors purchased a new position in Prologis during the 1st quarter valued at about $26,000. American Capital Advisory LLC bought a new position in shares of Prologis during the second quarter valued at approximately $26,000. True Wealth Design LLC purchased a new stake in Prologis in the fourth quarter worth $27,000. Semmax Financial Advisors Inc. bought a new stake in Prologis in the second quarter valued at $27,000. Finally, Central Valley Advisors LLC purchased a new position in Prologis during the 2nd quarter valued at $29,000. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Price Performance

PLD opened at $124.18 on Thursday. 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 stock has a market capitalization of $114.97 billion, a P/E ratio of 36.31, a P/E/G ratio of 3.25 and a beta of 1.07. The company’s 50-day simple moving average is $125.82 and its two-hundred day simple moving average is $118.24. Prologis, Inc. has a 52-week low of $96.64 and a 52-week high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share 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 company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the company earned $1.83 EPS. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, analysts predict that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.09%. Prologis’s dividend payout ratio is currently 112.28%.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Bank of America reiterated a “neutral” rating and set a $128.00 target price on shares of Prologis in a report on Monday, August 12th. Wells Fargo & Company raised 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. BMO Capital Markets reaffirmed a “market perform” rating and issued a $115.00 price target on shares of Prologis in a research note on Monday, July 15th. Finally, Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.35.

Prologis 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.