LGT Capital Partners LTD. Lowers Stake in Prologis, Inc. (NYSE:PLD)

LGT Capital Partners LTD. lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 18.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,230 shares of the real estate investment trust’s stock after selling 9,810 shares during the quarter. LGT Capital Partners LTD.’s holdings in Prologis were worth $5,333,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Prologis by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock worth $1,483,594,000 after acquiring an additional 317,815 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Prologis by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 12,265,926 shares of the real estate investment trust’s stock valued at $1,377,588,000 after purchasing an additional 167,131 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Prologis by 16.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 6,832,861 shares of the real estate investment trust’s stock valued at $767,398,000 after purchasing an additional 958,914 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Prologis by 5.9% during the 1st quarter. Lazard Asset Management LLC now owns 6,126,318 shares of the real estate investment trust’s stock valued at $797,767,000 after acquiring an additional 340,948 shares during the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Prologis by 0.8% during the 1st quarter. Capital Research Global Investors now owns 5,340,371 shares of the real estate investment trust’s stock valued at $695,423,000 after acquiring an additional 43,538 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $124.00 to $127.00 in a research note on Monday, August 5th. Bank of America reaffirmed a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research report on Monday, August 12th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 target price (down previously from $142.00) on shares of Prologis in a research note on Monday, October 21st. Morgan Stanley increased 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and a consensus price target of $131.18.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the sale, the executive now owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The trade was a 28.28 % 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 0.56% of the company’s stock.

Prologis Price Performance

PLD opened at $114.65 on Tuesday. The company has a fifty day moving average price of $121.03 and a two-hundred day moving average price of $118.23. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. Prologis, Inc. has a 52 week low of $101.11 and a 52 week high of $137.52. The firm has a market capitalization of $106.19 billion, a PE ratio of 34.64, a P/E/G ratio of 2.98 and a beta of 1.08.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the firm posted $1.30 EPS. Prologis’s revenue was up 6.9% on a year-over-year basis. As a group, analysts anticipate that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s dividend payout ratio is presently 116.01%.

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.