Exchange Traded Concepts LLC Reduces Position in Prologis, Inc. (NYSE:PLD)

Exchange Traded Concepts LLC reduced its stake in Prologis, Inc. (NYSE:PLD) by 3.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,031 shares of the real estate investment trust’s stock after selling 198 shares during the period. Exchange Traded Concepts LLC’s holdings in Prologis were worth $637,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sunbelt Securities Inc. grew its stake in Prologis by 640.0% during the second quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 224 shares in the last quarter. Dunhill Financial LLC raised its position in shares of Prologis by 239.5% in the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 182 shares in the last quarter. Hara Capital LLC purchased a new position in Prologis during the third quarter worth about $48,000. Coastline Trust Co purchased a new position in shares of Prologis during the third quarter worth about $52,000. Finally, Fortitude Family Office LLC raised its stake in Prologis by 120.6% in the third quarter. Fortitude Family Office LLC now owns 439 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 240 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on PLD. BTIG Research cut their price target on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a research note on Friday, January 17th. UBS Group upped their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research report on Tuesday. Robert W. Baird upgraded Prologis from a “neutral” rating to an “outperform” rating and lowered their price target for the company from $124.00 to $123.00 in a research report on Monday, January 6th. BMO Capital Markets cut Prologis from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from $120.00 to $104.00 in a report on Friday, December 6th. Finally, Wolfe Research decreased their price objective on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Prologis currently has an average rating of “Moderate Buy” and an average price target of $128.72.

Prologis Price Performance

PLD opened at $119.35 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.23. The stock has a market capitalization of $110.53 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 3.19 and a beta of 1.09. The stock’s 50 day moving average price is $110.73 and its 200-day moving average price is $118.41. Prologis, Inc. has a 52-week low of $100.82 and a 52-week high of $135.76.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Monday, December 16th. Prologis’s dividend payout ratio is currently 96.00%.

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.