Kentucky Retirement Systems Decreases Holdings in Prologis, Inc. (NYSE:PLD)

Kentucky Retirement Systems decreased its position in Prologis, Inc. (NYSE:PLD) by 0.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 69,768 shares of the real estate investment trust’s stock after selling 401 shares during the quarter. Kentucky Retirement Systems’ holdings in Prologis were worth $7,836,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Valeo Financial Advisors LLC grew its holdings in shares of Prologis by 182,067.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock valued at $6,364,799,000 after purchasing an additional 48,850,448 shares during the last quarter. Capital World Investors boosted its position in Prologis by 1,252.9% during the fourth quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock valued at $973,834,000 after buying an additional 6,765,582 shares during the period. Swedbank AB bought a new position in shares of Prologis during the first quarter valued at about $596,614,000. Alphinity Investment Management Pty Ltd bought a new position in shares of Prologis during the first quarter valued at about $465,659,000. Finally, Vanguard Group Inc. increased its holdings in shares of Prologis by 1.2% in the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after buying an additional 1,460,229 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Morgan Stanley increased their target price on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Evercore ISI increased their price objective on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday. Barclays lifted their target price on shares of Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company increased their price target on shares of Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Prologis presently has an average rating of “Moderate Buy” and a consensus target price of $133.35.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive now owns 13,187 shares of the company’s stock, valued at $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 corporate insiders.

Prologis Stock Down 1.4 %

PLD stock opened at $127.05 on Thursday. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The company has a market capitalization of $117.63 billion, a price-to-earnings ratio of 37.15, a price-to-earnings-growth ratio of 3.36 and a beta of 1.07. The business’s 50 day moving average price is $125.21 and its two-hundred day moving average price is $118.73. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.41). The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. Prologis’s revenue for the quarter was down 18.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.83 earnings per share. As a group, analysts forecast that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.96 per share. The ex-dividend date is Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a yield of 3.02%. Prologis’s dividend payout ratio (DPR) is currently 112.28%.

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.