King Luther Capital Management Corp Sells 18,711 Shares of Prologis, Inc. (NYSE:PLD)

King Luther Capital Management Corp lessened its stake in Prologis, Inc. (NYSE:PLD) by 31.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 40,184 shares of the real estate investment trust’s stock after selling 18,711 shares during the period. King Luther Capital Management Corp’s holdings in Prologis were worth $4,247,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Centricity Wealth Management LLC bought a new position in Prologis during the fourth quarter worth about $30,000. Dunhill Financial LLC lifted its stake in Prologis by 239.5% during the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 182 shares during the period. Whipplewood Advisors LLC bought a new position in Prologis during the fourth quarter worth about $34,000. Promus Capital LLC bought a new position in Prologis during the fourth quarter worth about $34,000. Finally, Coastline Trust Co bought a new position in Prologis during the third quarter worth about $52,000. Institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

PLD opened at $115.70 on Thursday. The company has a fifty day moving average price of $116.65 and a two-hundred day moving average price of $117.78. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. Prologis, Inc. has a 52 week low of $100.82 and a 52 week high of $135.27. The firm has a market capitalization of $107.23 billion, a PE ratio of 28.92, a P/E/G ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s payout ratio is currently 101.00%.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the sale, the executive now owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on PLD shares. Wolfe Research cut their price target on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. UBS Group lifted their target price on shares of Prologis from $121.00 to $137.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. BTIG Research cut their target price 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. Baird R W upgraded shares of Prologis from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Finally, Royal Bank of Canada lifted their target price on shares of Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research note on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Prologis presently has a consensus rating of “Moderate Buy” and an average price target of $128.78.

About Prologis

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.